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Where Taxpayers and Advisers Meet

Search found 16 matches

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by Oldtramp
Thu May 16, 2019 1:42 pm
Forum: Income Tax
Topic: Travelling in style
Replies: 4
Views: 421

Re: Travelling in style

Thanks. I thought that might be the case, though I can find assertions that, so long as journeys are booked separately, whichever one abuts the business part of a trip remains legitimately claimable against tax -- e.g.: https://www.accountsnet.co.uk/business-travel-abroad/ https://blog.fairfx.com/tr...
by Oldtramp
Fri May 10, 2019 9:33 pm
Forum: Income Tax
Topic: Travelling in style
Replies: 4
Views: 421

Travelling in style

I consult and lecture internationally as a sole trader. Most clients provide tickets and accommodation, so 80-90% of turnover is profit. I include outgoings and corresponding reimbursements from non-commercial work (e.g. lectures for professional societies) in my accounts; it’s simpler than keeping ...
by Oldtramp
Tue Feb 26, 2019 1:32 am
Forum: VAT & Excise Duties
Topic: VAT/MTD threshold, when much turnover non-UK/EU
Replies: 1
Views: 350

VAT/MTD threshold, when much turnover non-UK/EU

I have consultancy / lecture fee turnover which, over the past several years has averaged £65000 p.a., all presently as a sole trader. Around 40% arises from UK clients for work in the UK; 20% from EU clients and 40% from rest of the world (RoW..... USA, mid E and India). Clients are large and small...
by Oldtramp
Mon Feb 25, 2019 6:23 pm
Forum: Income Tax
Topic: Pay first, or withhold till errors corrected
Replies: 7
Views: 584

Re: Pay first, or withhold till errors corrected

Well, well, HMRC had made a repayment which looks to be about correct by my sums.
by Oldtramp
Sun Feb 24, 2019 12:31 am
Forum: Income Tax
Topic: Pay first, or withhold till errors corrected
Replies: 7
Views: 584

Re: Pay first, or withhold till errors corrected

With nothing heard by the promised date of 7/2, and the penalty date of end-Feb pending I decided to pay the £4300 rather than to provoke HMRC by withholding. Today, however, I've received an apologetic note confirming that they'd blundered on the EIS relief and had double counted some other income....
by Oldtramp
Sat Jan 19, 2019 8:57 am
Forum: Income Tax
Topic: Pay first, or withhold till errors corrected
Replies: 7
Views: 584

Re: Pay first, or withhold till errors corrected

Thanks again. Now managed to get them on the the phone and been promised they'll review by 7/2. I think I'll hold off paying anything till then.
by Oldtramp
Thu Jan 17, 2019 12:28 am
Forum: Income Tax
Topic: Pay first, or withhold till errors corrected
Replies: 7
Views: 584

Re: Pay first, or withhold till errors corrected

Thanks, RobBob To be clear --- I will not be fined if I delay paying anything until end Feb. Yes? If so, that gives 6 weeks to resolve matters rather than two till 31/1/19. Which is a damn sight better, especially as I'm abroad from 27/1 to 8/2. I'll keep trying them on the phone but, thus far, have...
by Oldtramp
Wed Jan 16, 2019 7:21 pm
Forum: Income Tax
Topic: Pay first, or withhold till errors corrected
Replies: 7
Views: 584

Pay first, or withhold till errors corrected

I filed the SA return on paper in August and heard nothing till Nov, when I received a refund and an assessment with a couple of minor errors - about £1000 to my detriment in total. I wrote challenging the errors and also to say that also that a small reduction in EIS relief was due, since the spons...
by Oldtramp
Tue Jun 26, 2018 11:57 am
Forum: Business Tax
Topic: Does refunded double payment count to turnover?
Replies: 1
Views: 896

Does refunded double payment count to turnover?

A client paid the same invoice - for about £1000 - twice over. Being an honest soul, I refunded the second payment. How do I handle this when preparing accounts? Do I: Ignore it ---- it was an error that was corrected at nil cost? Show on the accounts as a credit and an equal expense? It's material ...
by Oldtramp
Tue Jun 19, 2018 10:14 am
Forum: Savings & Investments, Pensions & Retirement
Topic: 6 month rule on venture capital trusts
Replies: 2
Views: 1500

Re: 6 month rule on venture capital trusts

I have learnt, elsewhere, that the answer lies in: Section 53, Schedule 10, Venture Capital Trusts, pages 361 to 362 Linked sales 2 (1) After section 264 of ITA 2007 insert— “264A Restricting relief where there is a linked sale (1) This section applies where— (a) an individual subscribes for shares ...

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