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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How long will a tax investigation take?

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How long will a tax investigation take?

The length of a tax investigation depends on the complexity of the case and the number of documents, which need to be reviewed.  Careful management by an adviser on your side in  the investigation is effective at reducing the time spent under enquiry.

Lindsay operates by responding to HMRC promptly and causing  no delays whatsoever throughout as any delays will effectively add to your penalties at the end of the case.

She takes a complete hands-on ...

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Tax Investigation, how far back can HMRC go?

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How far back can HMRC go !!

After HMRC have opened their investigation into their initial enquiry year ,they may want to open earlier years if tax has been underpaid in the enquiry year. So how do they decide how far back to go! Well strictly as far back as the undeclared income has been omitted but in in reality negotiations between your specialist adviser and HMRC will come to an agreement and settlement in a civil settlement.

Here’s an idea of ...

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