In 2009 I bought a restaurant and then discovered there to be a Planning issue which forced me to close down and surrender the lease. I suffered losses of about £70,000 and it has ruined most aspects of my life. I did not file any losses with HMRC at the time because my conveyancing Solicitor was at fault and I can potentially claim my losses from her. I have an ongoing court claim against my former Solicitor and so no final loss figure can be calculated until the court claim is settled. I may recover all my losses or suffer even greater losses. In 2010 I telephoned HMRC and was told to wait for the outcome of the court claim before filing any losses. I am now worried that may be incorrect. Help Please!!
-- Edited by willric on Sunday 21st of July 2013 05:36:05 PM
You need to contact a good accountant. Look for letters such as ACA, CTA or FCCA after their name (There are several others but those are a good three for starters)
As a business person you will deal daily with others who will / will not recommend their accountants in relation to tax issues. If that comes up a blank what about the accountants that are working with your solicitors on the case?
Whatever you do, do not do anything that could threaten the integrity of your case.
I appreciate that these must be very frustrating times and by all means seek alternate opinions.
You must not however talk about ongoing legal cases in an open foum for risk of invalidating your case and losing everything.
kind regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I have had a bad experience with an Accountant and so was hoping that someone on here can answer the general question of whether someone can file losses 4 years after the initial loss commenced and where losses are still being sufferered and where a loss figure can not be calculated because the matter is unresolved...or words to that effect
Hi Will,
For self assessment cases the limit is four years. Where no self assessment was filed it can be longer than 4 years but I would strongly advise that despite your bad experience with one accountant you seek the assistance of an alternative accoutant with a good reputation who is a member of one of the recognised top level bodies. Preferably a tax expert (CTA) and certainly with the knowledge of your legal team who will not want changes being made independant of them.
Good accountants are not cheap but for the sums that we are talking about here should be worth employing if agreed to by your legal council (after saying that they are not cheap they also shouldn't be city firm prices of £200+ p.h).
kind regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Sadly I can't afford an Accountant anymore. I am in the process of re-mortgaging my house and so am awaiting approval.
I have just been on the hmrc site where it says about the 4 year limit to claim a refund on taxes. I have until April 14 to make a claim for a refund for 09-10.
The problem is that owing to my troubles I only earnt the personal allowance in 09-10 and 10-11 and 11-12 and so there is nothing to refund. Only £1500 tax will be due for 12-13 and which has not been paid yet. I have until January to amend the 12-13 return.
Can I amend my 12-13 to put in a loss figure of say £50,000 so that the loss will be carried forward to future years and whereby any tax due will be set off against the carried forward losses. Is that how it works?
