How to best avoid penalties for undeclared tax?
Due to a misunderstanding of how Personal Allowances work, I have not submitted Tax Returns for the last 4 years, despite realising now that I should have.
I am happy to pay the tax I owe but am decidedly less keen on the penalties/fines etc. What is the best way to go about it?
1. A tax accountant friend suggested filling out SA1 as 'I have been earning proeprty income since 06/04/12' - to avoid triggering any automatic late notification penalties - and then, after receiving my UTR, sending in the 4 comps and a cheque for the total amount due.
Is this sensible?
2. Is there any chance I will not receive penalties as I would be making an unprompted disclosure?
- Bookkeeping Rate of Pay 2,663 38
- How to claim relief under a Double Taxation Agreement 285 6
- Tax implication on superannuation 178 3
- What's the Barmiest Reason A Client gave you for going? 2,550 25
- GRNI - Normal Balance 67 2
- Entrepreneurs Relief, and then new company 210 3
- Portuguese Resident having a UK Limited Company 219 8
- Tax Fines - HMRC 814 13
- Taxi Drivers Cost of Sale 102 2
- Is Xero payroll as rubbish as I suspect it is? 1,296 24
- VAT - Check on clients business 907 37
- Second Limited Company 118 1
- Digital tax accounts - what do we expect? 494 10
- Private doctors - Ltd company vs partnership 290 8
- Probate services 368 7
- Annual to At Least Quarterly 498 20
- trading losses allowable? 760 14
- Post AAT? 690 3
- Small amount of untaxed royalties for someone outside SA 146 1
- Treatment of valuation fee for IHT. 194 2