On or around Mon, 14 Jan 2008 07:56:07 +0000 (GMT), "Dave Liquorice" enlightened us thusly:
This year is no exception to my policy of having taxable profits under the threshold. The only main drawbacl is that unless you do this by some species of money-laundering, it means you've got no money.
Err, can you point me at the Inland Revenue references for that ? We take a maximum of 10 quid per day tax free PD, for all work out of the office. We are told that is all we can claim, despite the disruption of working in Asia, Europe and the US for three months of the last 10.
Steve
Tell them you were too busy and it was just an administrative oversight as you had more important things to do like earning a living or running Wales whatever excuses Hain comes up with.
But the rules for sole trader are significantly different to limited company. Being a Director actually tightens the rules in some respects especially with regard to annualisation of NIC contributions. Any fixed allowances as opposed to expenses at cost have to be agreed with HMRC or are otherwise treated as income. (As I remember it from awhile ago)
I could be wrong as well but provided the fixed allowances (aka Scale Rates, not some other allowance that I can't remember the name of now) are set to only cover the costs incurred by the employee then they do not require HMR&C approval. The employer will have to be able to prove that the Scale Rates used fulfill that though and HMR&C don't offer any guideline rates.
In article , hugh writes
"Excuses only accepted if the illegality is over £100,000. Less than that and it's all your fault."
Can't we just repatriate him?
Regards,
Simonm.
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