I have received calls to my my office from members with the same issue on Class 7 NIC and also where transfer of allowances is concerned. I have been advised that HMRC have stated that they hope to "fix" the nic issue in November but have no date for a fix of the surplus allowances issue but that was given me by a member who contacted HMRC helpline direct. Yet again Agents and taxpayers are caused extra work which is none of their doing. Seriously, this does not bode well for the Digital Agenda does it. Tony Margaritelli - Chair ICPA
Class 2 NIC cock-ups | AccountingWEB
For example, if Beth takes a loss on a stock, and buys the call option of that very same stock within thirty days, she will not be able to claim the loss. Instead, Beth’s loss will be added to the premium of the call option, and the holding period of the call will start from the date that she sold the shares. Upon exercising her call, the cost basis of her new shares will include the call premium, as well as the carry over loss from the shares. The holding period of these new shares will begin upon the call exercise date.
Self Assessment tax returns
Does this imply that if the "info to help you complete your return" screen shows a Class 7 NIC liability of £ then a return filed with that amount on it won't be "corrected"?
Making Tax Digital - Sage UK Ltd
If a business expects its taxable sales in the next 67 months to be less than £86,555 (the deregistration threshold) then it can deregister. This will avoid having to worry about limited cost trader calculations and might save some VAT for customers unable to reclaim input tax. Many businesses will decide to deregister if they are limited cost traders every quarter because of the minimal input tax credit effectively given by the % rate.
The Numpty Department is running the show. Once you accept the existence of a large Numpty Department at the heart of HMRC, lots of things which otherwise appear totally bonkers suddenly make total sense.
We are happy to consult with you to help you better understand your options. The thing to remember is that there is no time to waste when you are late with taxes. Government is willing to work with you if you show that your intentions are honourable and that you do intend to pay.
"Can anyone also advise why only "goods" are allowed in the limited cost trader calculation?"
I imagine it is just that the companies that they consider to be abusing the FRS tend to be service providers, with very few purchases of goods, so they have designed a test to catch such companies, without any proper consideration of whether it will catch other businesses.
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