Silly question but I presume the employer is not a limited company paying CT? If so, you can get an offset. Never tried to offset against self assessment tax for sole traders but if it's the same legal entity, why not?
Yes, did the same thing myself and ticked the box incorrectly. It's a new charge apparently but not sure what for. You need to log in to your MLR account and just pay it. You then wait several months for formal acceptance of your renewal - I've been waiting since 15 August 2019.
The last, last word - promise. The OP (assume it's female but who knows) is trying to absolve her OH's debt through a technicality (dormancy or otherwise of a company). We're not sure how much he borrowed (£500K originally but might have been £1.2M re later post) and purportedly owes £100K. I personally hope he gets taken to the cleaners. If the legal people get hold of this they'll get their money eventually and the legal fees might double the debt. Good thread though.
Several questions have been asked one of which is about assignment. If any debt is assigned a notice of assignment must be issued to the debtor by either the assignor or assignee failing which the assignment is void. This piece of information was missing from the original post.
The company is effectively assigning the contract also because the assignee can't rewrite the terms of repayment. The OP hasn't said whether the repayment terms have been breached.
I should have thought that the questions of dormancy were trivial in comparison with the assignment question and possible bankruptcy petitions.
Not sure I agree with that idea PP. When something is so black and white I'd advise the client that it would be unprofessional for me to make such a claim. We all know that white box notes do not get processed and there would be a fair chance of the self assessed calculation slipping through.
Personally I'd give him the choice of complying with the legislation or of finding another accountant.
With all due respect Alison, what you're saying is (I think) that the FA's are preparing the tax returns but may not have the knowledge (or more importantly the experience) to be satisfied that they haven't missed something.
Any tax planning will invariably by definition relate to the products that they are hoping to sell. Tax planning is in my opinion something that should be done by accountants.
If as a result it requires one of your FA's products they either recommend the client in your direction or if they have the authority do it themselves.
Sorry to be so harsh but your FA's seem to want to have their cake and eat it.
Whether it's commuting or not will likely depend upon the "predictability" of his journeys. If he goes to the same clients on the same day each week it's probably commuting. Only you can find out if that's the case.
I'd certainly be trying to make a case for full deductibility.
My answers
Silly question but I presume the employer is not a limited company paying CT? If so, you can get an offset. Never tried to offset against self assessment tax for sole traders but if it's the same legal entity, why not?
Yes, did the same thing myself and ticked the box incorrectly. It's a new charge apparently but not sure what for. You need to log in to your MLR account and just pay it. You then wait several months for formal acceptance of your renewal - I've been waiting since 15 August 2019.
The last, last word - promise. The OP (assume it's female but who knows) is trying to absolve her OH's debt through a technicality (dormancy or otherwise of a company). We're not sure how much he borrowed (£500K originally but might have been £1.2M re later post) and purportedly owes £100K. I personally hope he gets taken to the cleaners. If the legal people get hold of this they'll get their money eventually and the legal fees might double the debt. Good thread though.
Ah, the Other Half - I was too embarrassed to ask what OH meant.
Several questions have been asked one of which is about assignment. If any debt is assigned a notice of assignment must be issued to the debtor by either the assignor or assignee failing which the assignment is void. This piece of information was missing from the original post.
The company is effectively assigning the contract also because the assignee can't rewrite the terms of repayment. The OP hasn't said whether the repayment terms have been breached.
I should have thought that the questions of dormancy were trivial in comparison with the assignment question and possible bankruptcy petitions.
It's clearly a legal matter.
Not sure I agree with that idea PP. When something is so black and white I'd advise the client that it would be unprofessional for me to make such a claim. We all know that white box notes do not get processed and there would be a fair chance of the self assessed calculation slipping through.
Personally I'd give him the choice of complying with the legislation or of finding another accountant.
At least he's stopped his old habit of being the first to reply to himself.
With all due respect Alison, what you're saying is (I think) that the FA's are preparing the tax returns but may not have the knowledge (or more importantly the experience) to be satisfied that they haven't missed something.
Any tax planning will invariably by definition relate to the products that they are hoping to sell. Tax planning is in my opinion something that should be done by accountants.
If as a result it requires one of your FA's products they either recommend the client in your direction or if they have the authority do it themselves.
Sorry to be so harsh but your FA's seem to want to have their cake and eat it.
If filing a TR1 form is a reserved legal activity then I've broken the law.
Whether it's commuting or not will likely depend upon the "predictability" of his journeys. If he goes to the same clients on the same day each week it's probably commuting. Only you can find out if that's the case.
I'd certainly be trying to make a case for full deductibility.