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over 4 years ago
Getting through to HMRC on the telephone in 2015: Report your problem
Are you having any problems when contacting HMRC by phone? Please post a comment below to tell us about your experiences, indicating: the name of the helpline the telephone number an outline of...
How long is it taking for HMRC to reply to post in 2015?
What is your experience of HMRC’s post response times in 2015? Does the turnaround time vary depending on the type of tax, letter or form? How satisfied are you with the quality and accuracy of the...
Capital allowances in cessation period of a sole trader
I m trying to calculate the capital allowances for a sole trader during the final cessation period- his final period of cessation is a long accounting period (more than 12 months). Normally, in the...
Letters from HMRC to agents who are involved in promoted tax avoidance schemes
HMRC tell us it has, in the past three weeks, sent out 250 letters to agents whose clients HMRC believe have been involved in marketed tax avoidance schemes. We contacted HMRC having been alerted by our...
Overdrawn Directors Loan Account : S. 455 charge and S.458 relief
For most of my career I have worked for charities and therefore have no practical experience of taxation of overdrawn Directors Loan Accounts for a Close Company but am attempting to sort out my son’s...
New Enterprise Allowance - taxable or not?
over 4 years ago
A new client has been receiving New Enterprise Allowance. Please can someone tell me (with authority for the answer) whether it is taxable or not. Depending on who I ask and where I look, the answer is different. Gov.uk says that 'any money you get does not affect income tax' implying that it is tax-free. However, BIM40401 says that it is business income - how then can it not affect income tax? Which is correct please?
over 2 years ago
Isn't NEA payable to the unemployed person who starts a new business after being on JSA for six months? I'm not sure why you might think it would be subject to CT - it is not company income. HMRC is presumably telling you that the individual has to report it as miscellaneous income on his SA return.
If the new business is in a company, any of the NEA that the claimant pays into the company would be capital, wouldn't it?
3 months ago
in reply to
It's a grant paid to the business. Not subject to income tax.