SELF ASSESSMENT AND BUSINESS RATES ARREARS

SELF ASSESSMENT AND BUSINESS RATES ARREARS

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I am a sole trader and have had  a retail business for over 20 years. My profits have got less each year over the last 5 years and I struggle to make ends meet.This year I have made a loss. I now have mounting debts and may have to consider bankrupcy. I cannot pay my business rates which are now £9,000 in arrears. How do I refer to this on my self assessment return? I cannot put it down with my rent (which is paid) as an expense as I usually do because I have not paid the rate demand

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By The Doctor
22nd Aug 2012 21:40

Yes you can
You should prepare your accounts on an accruals basis, which means including costs due, but not yet paid.
Also, have you asked the council about small business rate relief?

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By ShirleyM
23rd Aug 2012 07:58

I'm puzzled

How do you know you made a loss? You have already told us (in another thread) that your records got destroyed while you were on holiday and you can't prepare your accounts. 

If you can afford a holiday how come you can't pay your bills?

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