Offshore Interest or Income to declare!!

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Use the Worldwide Disclosure Facility (WDF)

On 5 September 2016, HMRC announced the launch of a Worldwide Disclosure facility. As an opportunity for taxpayers to come clean and legitimise their tax affairs in advance of the Common Reporting Standard (CRS) which will be effective from 30 September 2018.
Any UK or non-resident individual or organisation that has a UK Tax liability originating from overseas or the UK can apply. All direct Taxes, but not VAT, are included plus IHT going back ...

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Restaurants in the East Midlands and East Coast area under scrutiny

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HMRC are still engaged in what they refer to ‘in –house’ as Raids into premises.

Locally to my area, I am seeing an increase in HMRC turning up at night at eating places like takeaways or restaurants, in order to eat and then return to check the till!

And it is also going on across the UK.

HMRC staff  will order food and eat and then, as the restaurant closes, reveal their identity and call in the back up team waiting outside.

Their Till ...

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Dog Breeders under enquiry by HMRC Case Study

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Will I pay tax?

 

Where a breeder has another job as well as breeding and selling puppies or kittens they may find themselves falling within the tax bracket if they have made a profit.

Everyone has a level of Tax Free personal allowances each year but once these have been used up, any income over that is taxable being a net profit from breeding.

In my cases after I’ve prepared accounts net profits have not been high and many breeders have made losses.

If ...

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HMRC will NOT treat dog breeding as a hobby!

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My cases studies are revealing many different scenarios for the nations dog and cat breeders.

 

It’s not a hobby!

HMRC will NOT treat breeding as a hobby! this does not mean you will automatically have to pay any tax

What you do have to do however is keep good records to prove your income and expenses

Do you give an invoice or other paperwork to your buyers?

Do you keep receipts for everything you spend?

Maybe the answer is no?

 

Taxman’s Mantra – No receipt No ...

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