Self assessment online, cessation of business

Self assessment online, cessation of business

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I have a friend who has always made up accounts to 30 June each year for many many years. They ceased trading through ill health on 30 June 2014, so their last accounts are the usual 12 month period. What periods need to be assessed and in which tax years to complete the tax for the last period of trading. They have tried putting the 12 month accounts into the self assessment on line and declaring cessation of tradin but all sorts of errors come up. Any help much appreciated.

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By Tim Vane
22nd Jun 2015 16:29

What errors? Do we get a clue, or do we have to guess?

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Replying to jonazax1717:
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By Lucy1988
22nd Jun 2015 17:52

It says the turnover which is only £30k is too big for the single figure expenditure and asks for the full breakdown, something to do with it grossing Up? I'm sorry we are not very tax orientated and probably need it in Noddy language!

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Stepurhan
By stepurhan
22nd Jun 2015 16:33

Many, many years

With a 30 June year end, there is likely to be a figure that will affect the tax assessable in the year of cessation. This figure should have been brought forward and carried forward on all of the many, many years of tax returns that have been prepared. If it hasn't then I hope they (or their accountant) have copies of the returns filed from the beginning to find that figure out.

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Replying to Paul Crowley:
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By Lucy1988
22nd Jun 2015 17:53

Sorry which figure do you mean?

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