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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...
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...
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...
We are receiving letters from HMRC informing us we don't need to apply for deferment for 2015/16. We are advised that "When you complete your 2015/16 SA return HMRC will use the information they already...
Eu vat changes - e-books?
Many micro businesses produce PDF books they call 'e-books'. Can someone advise whether these would be considered a digital product and therefore affected by the changes in eu Vat to b2c?
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?
23 days ago
in reply to
It's a grant paid to the business. Not subject to income tax.