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?
- Can I record depreciation, prepayments and accrued expenses in cash accounting? 169 3
- FPS or EPS 31 1
- What do you all do in your spare time? 754 31
- Personal allowance 654 15
- How do we get US withholding tax back? 150 2
- I have let a client go as it wasnt worth the hassle, 1,907 16
- Does Members voluntary liquidation require change of year end 110 2
- Google contacts sharing within our domain 423 6
- New Fangled Penalties 1,108 1
- TaxCalc - A Return to Form 293 3
- New client has not reported director's pay by RTI 380 10
- VAT on employee loan 300 5
- Taking over from an on-line accounting firm. Any ideas? 957 18
- Charging VAT on a company loan ?. 160 2
- Accountants website 395 5
- VAT on long lease in comercial property that has opted to Tax 175 5
- So who has completed a 2015 tax return then? 490 8
- Threshold company limited by guarantee. 109 1
- Retrospective VAT Claim 124 1
- Auto Enrolment - Director Only Answer 1,419 20
- Moving away from CCH software 941
- QROP pension input amounts 434
- write off loan or loan to equity swap or both 376
- HMRC BENCHMARK EXPENSES 349
- Unused Losses and Post Cessation Receipts 315
- fraud 274
- EIS relief on transferring shares to spouse 244
- Sole trade business in UK, but the owner works from EU 216
- Construction CIS LLP Company 202
- EPS and CIS deductions 189