Tax Determination & Time Limits
One man band plumber..... hasn't done a tax return for the year to 5 April 2009 and HMRC have now raised a Determination of Tax Due for £6,000 - being estimated income tax and class 4 NIC.
Having looked at the plumbers records - I estimate the true amount of tax to be due for the year to be around £15k.
My opinion is he has two options:
1. Submit a tax return showing the true amounts of tax & NIC due prior to 31/01/2013 - being three years after the original filing deadline; or
2. Pay the £6k tax per the determination and after 31/01/2013 HMRC are out of time to amend it.
Does that sound right? Are there any other options?
Thanks in advance!
- VAT on goods never entered the UK 118 6
- How much did you pay for your website 1,328 22
- Help Required 74 1
- Is a dormant CT600 needed? 128 2
- Accountancy work for Farmers 429 15
- What would you do in this situation? 309 9
- FILING COMPANY ACCOUNTS 807 25
- Who would you nominate for a Practice Excellence Award? 541 6
- Project being run jointly 61 1
- What quality paper do you use for correspondence? 263 12
- Company Name - Number of Characters 222 6
- Lloyds bank ... 324 5
- Sole trader mix up 201 2
- CIC Tax - what is trading? 122 4
- Correct treatment when one company absorbs another 127 4
- Recharging VAT 166 6
- Rent a room when not living there 941 7
- Helping out a friend 248 7
- Dealing with VAT on invoices received after VAT return submitted 225 3
- Tax Allowance on University Course 1,885 10
- CTA study material 680
- Anyone have clients that use Pay4Later to offer customers credit? 411
- Employment related securities question 258
- ATED Penalties 234
- AIM Stocks and IHT 234
- Tax Relief for overseas employees 189
- Trust for Employee 173
- Expat pension contributions? 167
- Quickbooks losing VAT return data 136
- Reclaiming overpaid employer NI contributions 122