What are the concerns about a HMRC inspection?
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| Self invoicing... http://www.taxi-driver.co.uk/phpBB2/viewtopic.php?f=1&t=27501 |
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| Author: | wannabeeahack [ Sun Aug 30, 2015 5:25 pm ] |
| Post subject: | Self invoicing... |
A term Ive never understood.. So a full time car renter here pays £320/week for a E7 and £100/week fuel, takes £1100 a week he/she is self employed as far as HMRC are concerned the base takes the rent but never gives a receipt SOOOOOO..... how does the renter account for the rent in his accounts? |
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| Author: | cabbyman [ Sun Aug 30, 2015 7:03 pm ] |
| Post subject: | Re: Self invoicing... |
I believe there is a legal requirement for a business to provide a receipt. Alternatively, pay by BACS transfer or some other electronic method to provide a record of the transaction. |
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| Author: | cabbyman [ Sun Aug 30, 2015 7:12 pm ] |
| Post subject: | Re: Self invoicing... |
Oops! Wrong!!!! If they are VAT registered, it appears that they must provide a VAT invoice. Otherwise, it would appear there is no requirement in law.Google it; it's quite confusing! Make your payment by a provable means as suggested above! |
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| Author: | wannabeeahack [ Sun Aug 30, 2015 7:20 pm ] |
| Post subject: | Re: Self invoicing... |
those paying £15000 a year rent need to know HMRC could come on them for £3000 a year tax on it back dated 6 years..... ouch |
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| Author: | cabbyman [ Sun Aug 30, 2015 7:37 pm ] |
| Post subject: | Re: Self invoicing... |
......with the relevant tax rate applying in those years!!! I pay mine by standing order. I rarely get a receipt, but I have the evidence of the payment. As I am not VAT registered, it is only the total figure I have to worry about. QED. |
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| Author: | wannabeeahack [ Sun Aug 30, 2015 8:27 pm ] |
| Post subject: | Re: Self invoicing... |
Thing is, if HMRC came a knocking, they would ask Mercury/EXEL for all drivers work records for last year 1st, and hit each driver and the base with an inspection... |
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| Author: | cabbyman [ Sun Aug 30, 2015 8:37 pm ] |
| Post subject: | Re: Self invoicing... |
What are the concerns about a HMRC inspection?
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| Author: | wannabeeahack [ Sun Aug 30, 2015 8:38 pm ] |
| Post subject: | Re: Self invoicing... |
cabbyman wrote: What are the concerns about a HMRC inspection? none for me, but i think maybe not all will be squeaky clean, plus, as I say, if 1 gets found lacking you can bet there are others... plus maybe even the base... |
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| Author: | Nidge2 [ Sun Aug 30, 2015 8:42 pm ] |
| Post subject: | Re: Self invoicing... |
cabbyman wrote: What are the concerns about a HMRC inspection? They'll knock your door like they did me. |
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| Author: | wannabeeahack [ Sun Aug 30, 2015 10:07 pm ] |
| Post subject: | Re: Self invoicing... |
and its a very very very brave (or stupid) person who thinks they wont find a crumb to act upon do you use your car for private use?.....wallop tips?......wallop that sneaky £50 job that you didnt declare? but you did declare the fuel you used.......wallop claiming for a car wash twice a week with no receipt......wallop your wife works for you.....really?......wallop |
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| Author: | MR T [ Sun Aug 30, 2015 10:52 pm ] |
| Post subject: | Re: Self invoicing... |
wannabeeahack wrote: and its a very very very brave (or stupid) person who thinks they wont find a crumb to act upon do you use your car for private use?.....wallop tips?......wallop that sneaky £50 job that you didnt declare? but you did declare the fuel you used.......wallop claiming for a car wash twice a week with no receipt......wallop your wife works for you.....really?......wallop why can not your Wife work for you ?? |
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| Author: | wannabeeahack [ Sun Aug 30, 2015 10:55 pm ] |
| Post subject: | Re: Self invoicing... |
MR T wrote: wannabeeahack wrote: and its a very very very brave (or stupid) person who thinks they wont find a crumb to act upon do you use your car for private use?.....wallop tips?......wallop that sneaky £50 job that you didnt declare? but you did declare the fuel you used.......wallop claiming for a car wash twice a week with no receipt......wallop your wife works for you.....really?......wallop why can not your Wife work for you ?? so long as she DOES work for you, and you pay her and do her tax/stamp your not an MP, they will check her payslips |
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| Author: | MR T [ Sun Aug 30, 2015 10:58 pm ] |
| Post subject: | Re: Self invoicing... |
what if she is part time...up to £10 000 |
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| Author: | wannabeeahack [ Sun Aug 30, 2015 11:01 pm ] |
| Post subject: | Re: Self invoicing... |
MR T wrote: what if she is part time...up to £10 000 no matter you still have register her as your employee, and raise tax and stamp details, pay her and leave a paper trail HMRC can see and follow and pay EMPLOYER nat ins, holiday pay, etc, etc she will have to complete a P46 and she gets a P60 each year and a P45 when you sack her |
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| Author: | MR T [ Sun Aug 30, 2015 11:02 pm ] |
| Post subject: | Re: Self invoicing... |
wannabeeahack wrote: MR T wrote: what if she is part time...up to £10 000 no matter you still have register her as your employee, and raise tax and stamp details, pay her and leave a paper trail HMRC can see and follow and pay EMPLOYER nat ins, holiday pay, etc, etc Or 5 000 |
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