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!
- Are any of you members of The Institute of Financial Accountants - Accountnats certificate 1,236 24
- Moving to BTC from Sage Accounts Production 37 1
- Restriction of trading loss and overlap relief 182 3
- Multiple for fee bank purchase 194 5
- Business lending another business money (UK) 325 9
- Manufacturer cashback on fixed asset purchase 82 1
- Does anyone have an old version of Sage for sale? 300 7
- Family Partnership 295 9
- Problems viewing AWeb posts 203 5
- CIC Abbreviated Accounts 204 6
- Business trips - director and family 427 3
- Signed accounts for bank 673 15
- flat rate scheme 2,391 50
- Rollover relief - No new asset purchased 333 5
- Can I prepare dormant accounts? 209 2
- How do you integrate prepaid expenses in to the cash conversion cycle? 109 2
- What route into accountancy would you recommend? 873 12
- Deferring dividends on paper 220 5
- VAT Query on new build 133 1
- How to format Co-operative Accounts 129 1