Making Entrepreneurs' Relief claims outside the time limit
I have a client who, although he has always been within self-assessment, has not submitted a tax return since 2007/08.
I am now preparing his returns for the tax years 2008/09 - 2011/12.
In 2008/09, client made a £1,000,000+ gain on the associated disposal of a business asset (land) shortly before the liquidation of his trading company. The gain would ordinarily have qualified for ER and therefore been reduced by 4/9ths but we are unfortunately now outside the time limit for ER claims, which is one year from the filing date of the return for the year in which the gain is made.
My feeling is that the client is stuffed and has just lost £80k but if anyone knows differently or has found HMRC to be lenient when it comes to time limits for claims of this nature, I would be overjoyed to hear their thoughts!
- Is Xero payroll as rubbish as I suspect it is? 1,076 20
- QBO VAT box 2 and 4 116 1
- VAT - Check on clients business 595 25
- Transfer of a trade WITHOUT assets? 105 1
- Amend a 2010/11 return 100 1
- Advanced SMP, but employee returns to work early 157 1
- How to deal with prior year error 151 2
- Repaying Directors Loans within 9 months 526 19
- Bookkeeping Rate of Pay 2,337 33
- What's the Barmiest Reason A Client gave you for going? 2,047 20
- Tax Calculations 657 10
- Tax Fines - HMRC 405 4
- Exemption from CGT 231 2
- VAT Registration 240 3
- Digita Users - Can you please confirm? 467 14
- Autumn statement predictions 432 8
- ACCA Practising Certificate Holder 334 4
- How to claim relief under a Double Taxation Agreement 187 3
- Moneysoft error 435 7
- Repaying Directors loan by transferring an asset 649 26