Should you pay tax in a second income?
Do you work for someone else? Most people who do will have tax deducted from their wages and paid to the tax office by their employers. However, that may not mean that you have paid the right amount of tax, and if you have underpaid then in many cases the tax office will hold you … Continue reading Should you pay tax in a second income?
Decisions arising from the transition to real time information (RTI) have started to emerge at tribunal with two latest cases ruling in the taxpayer’s favour. From just a few of the cases so far the complications around making the transition to RTI, the general trend is not a great deal of pleasure to the taxpayer. … Continue reading Taxpayers win in RTI penalty appeals
Most people would assume that if: – they had a choice between two courses of action, and – their choice had a direct bearing on the actions of someone else, then it would be their responsibility to let that other person know how they intended to act. However, that does not apply to the tax office! … Continue reading Don’t rely on the tax office!
Are you a director of a company? If so, do you assume you are protected by the limited company status? Are you sure this is the case even when dealing with the VATman? Under limited liability a director or investor is only liable for the money they have invested. For example, if a company is … Continue reading Directors liability – are you really protected?
If you are in business but are not registered for VAT then, if you are turning over £1,400 each week or £6,000 each month, you must make yourself familiar with the registration limits as you could otherwise inadvertently incur a large liability. Whether you must register for VAT depends upon your turnover in any twelve … Continue reading Do you know the VAT registration limit?