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Post Info TOPIC: Late submissions of tax returns
phoenix debola


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Posts: 19
Date:
Late submissions of tax returns
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Hi all

Met a potential client today.

 

The issue:

The client has neither filed a tax return nor made a tax payment since 2005.

 

Background

1. Sole trader.

2. Last accounts were produced to year end 2005.

 

What I need help with:

- How to deal with this bearing in mind the period records need to be held for?

 

I will particularly appreciate some guidance from those with first hand experience of this type of situation.

 

Many thanks

Phoenix

 



-- Edited by phoenix debola on Saturday 23rd of June 2012 11:24:04 PM



-- Edited by phoenix debola on Saturday 23rd of June 2012 11:46:17 PM

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RuthA


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Posts: 270
Date:
RE: Urgent help needed - Non submissions of tax returns
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I recently did tax returns going back 5 years for self employed person. He had called HMRC who sent him paper copies of the return for each year.

In his case he was actually owed a refund for each year (he was a CIS subcontractor) but we had to estimate some expenses. I made a note of exactly how everything was caluclated, and entered on the tax returns that some expenses had been estimated, giving the reaons why.

HMRC paid his total refund due fairly promptly.

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Ruth (AFA, ACIB)

Shore Accounting
www.shoreaccounting.co.uk
phoenix debola


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Posts: 19
Date:
Permalink Closed

Thanks, Ruth.

I saw a similar positive post on 'AccountingWeb' and will now go ahead with my initial plan - prepare the accounts for past 8 periods and submit asap.

I was worried about the penalties introduced last year but he might just get off unscathed.

I reckon what he has set aside might just cover his liabilities and my fees.

Kind regards
Phoenix

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MarkS


Expert

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Posts: 1501
Date:
RE: Late submissions of tax returns
Permalink Closed

If I was you I would be looking for my fees upfront. If not 100% then certainly 50% Regards Marks

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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
Phoenix Orlando


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Posts: 12
Date:
Permalink Closed

Thank you, Mark. I was thinking along similar lines but more inclined towards 100% up front per year's work, rather than cumulative.

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Phoenix Debola

Bookkeeper/Accountant

07803 704496
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