Hello all
We are quite late in filing SA for sole traders (for vat registered businesses). I'm planning to file nil report to avoide penalties. In February or March we will be able to amend the return and file it with full details.
Is it possible ? Or any problem?
Thanks in advance
Replies (7)
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You should not file a nil return if you know that there is income, as the declaration would be false. You can make an estimate of the income and tick the estimated box, then submit that. You have 12 months to amend.
Agree with Tim. Presumably for most such clients you have their history, so can include reasonable estimates. And I would have thought the clients would prefer to have some idea of at least the estimated tax due.
And include clear info in the additional information box to indicate what you have done.
No way would I file Nil returns in the full knowledge that there was very likely to be taxable income.
Overestimate
I'd think it very risky to estimate at zero. Asking for penalties.
Estimate at higher than reality, that's my advice.
Don't die.
In a medical emergency it is usually best to see a medical professional, and not post on internet forums.
Standard Method
In a medical emergency it is usually best to see a medical professional, and not post on internet forums.
Posting on internet fora is the standard way of getting accountancy advice, apparently, so why wouldn't it work for a medical emergency ?