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Where Taxpayers and Advisers Meet

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by Ian McTernan CTA
Fri Apr 05, 2013 2:04 pm
Forum: Tax Investigations and Enquiries
Topic: Fish and chip shop
Replies: 15
Views: 5055

Re: Fish and chip shop

At this stage with HMRC having the records it's a question of waiting and see what questions they come up with. Don't answer anything verbally at this stage- in fact it is better for any and all queries to be made and answered through your accountant or investigation specialist- offhand remarks can ...
by Ian McTernan CTA
Fri Apr 05, 2013 1:48 pm
Forum: Tax Investigations and Enquiries
Topic: tax credit enquirey ?
Replies: 5
Views: 1801

Re: tax credit enquirey ?

Seems quite strange - would need to read the opening letter to know more, but they cannot really base anything off 3 months worth of records. Are you sure this isn't a records check being done remotely? Sounds a bit like a fishing expedition. The alternative is that they are looking for a specific j...
by Ian McTernan CTA
Fri Apr 05, 2013 4:30 am
Forum: Business Tax
Topic: Self-employed asset management
Replies: 2
Views: 546

Re: Self-employed asset management

Capital allowances are generally covered by the annual investment allowance and hence the whole amount is claimed in year one, so don't worry about those for the moment- until they scrap AIA of course! Always a tricky one but in theory your turnover can be in the millions if you included the value o...
by Ian McTernan CTA
Fri Apr 05, 2013 4:22 am
Forum: General
Topic: No Self assesment statement
Replies: 5
Views: 3572

Re: No Self assesment statement

I assume the beneficial interest is properly documented to prove that the income is actually entitled to be split 90/10 and it's not just something dreamed up by your accountant to avoid tax.
by Ian McTernan CTA
Fri Apr 05, 2013 4:20 am
Forum: General
Topic: My employer paying tax and ni contributions through associat
Replies: 2
Views: 2698

Re: My employer paying tax and ni contributions through associat

This is nothing unusual- many partnerships use a separate company to employee the employees.

You have nothing to worry about as long as the tax and NIC is actually reaching HMRC- which can be checked quite quickly by calling HMRC and asking them to confirm that your NIC record is up to date.
by Ian McTernan CTA
Fri Mar 15, 2013 1:15 pm
Forum: General
Topic: Missing money
Replies: 4
Views: 3112

Re: Missing money

Glad you found it, happy to have been of help:-)
by Ian McTernan CTA
Thu Mar 14, 2013 4:28 pm
Forum: General
Topic: Multiple businesses - self emplyed
Replies: 4
Views: 5294

Re: Multiple businesses - self emplyed

Always a bit of a tricky area. You state you have already taken on some small plumbing jobs, which could change the nature of the training from 'putting you in a position to be able to do the work' to 'refreshing skills and additional training'. I'd need to look at it a lot closer but on balance dep...
by Ian McTernan CTA
Thu Mar 14, 2013 4:19 pm
Forum: General
Topic: Missing money
Replies: 4
Views: 3112

Re: Missing money

Without looking too closely at it, you say the bank account is correct but there is some cash missing. I'd ask the directors for some thoughts on the matter, as clearly something went wrong somewhere along the line and you don't want the same mistake to happen again. It usually turns out that one of...
by Ian McTernan CTA
Thu Mar 14, 2013 4:09 pm
Forum: General
Topic: HM Customs Enforcement - POA
Replies: 3
Views: 2784

Re: HM Customs Enforcement - POA

I'm a little confused as to the OP's exact position. You have sold the house which provides you with sufficient funds to clear all your back taxes, including any payment on account that was due on 31 January 2013. I assume from that that you have filed your 2012 Return as that would have formed the ...
by Ian McTernan CTA
Thu Mar 14, 2013 4:03 pm
Forum: General
Topic: Being Self Employed
Replies: 7
Views: 4073

Re: Being Self Employed

Ignoring the bickering above, no one seems to have mentioned that you need to keep receipts for your expenses and make sure you render invoices, etc., which can all come as a bit of a shock to someone who has been an employee for a number of years. I'm not sure on what basis the first payment had 30...

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