Got a client whose old accountant has not refelcted any new activity in accounts where there was activity( he kept same number as prior year).
In order to do latest accounts , I will have to sort out previous years accounts.Thinking to file amended accounts and tax return for previous year and then do latest accounts.
Not sure if its possible to file above as period to be amended is 30.19.2019 as its too late? Can anyone please suggest? thanks in advance.
Replies (19)
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Isn’t this what Prior Year Adjustments are for?
Sounds like a complete cluster****. Is PYA appropriate, assuming the errors are material, or is a restatement of PY required in the CY accounts?
Restatement of PY in the CY accounts is precisely what a PYA is, isn’t it?
That long ago I can’t remember! Was thinking PYA was less detailed/one liner.
I would have said a PYA is a 1 liner at the bottom of the P&L for e.g. 'we forgot to run depn' or 'we've realised we should have capitalised something' or 'we didn't include income received into a PayPal account (and corresponding fees) that the client didn't tell us about'.
(No) Prizes for guessing which of those I've done a PYA for.
Notwithstanding the answers about whether or not to file the amending accounts etc...
Your question regarding whether you can file an amended CT600...
"Yes" you can file an amended CT600 for the accounting year ended 30/09/2019 by 30/09/2021. This is 12 months after the filing deadine for 2019.
Sounds like the accounts were deliberately not done, and rather than guess the figures, prior year put in.
On a challenge the answer is "Whoops do not know how that happened"
BUT clearly not made up,
@OP
Was there a bill from accountant and was it paid
This sounds like something put in to avoid penalties and client did not want to pay the prior accountant's fee to do the proper accounts and repair the damage
Do not blame the accountant as being incompetent
This is clearly down to client not supplying details but wanting something filed to avoid penalty
Personally I dont think you should include criticism of the accountant until and unless you have full facts from the client and/or you can see it for yourself.
This stuff irritates the **** out of me.
The company should be closed and have its assets confiscated and the directors made personally liable for its debts.
Afraid so, coupled with my older sister playing Pitti Sing in a school production of the Mikado so spending weeks rehearsing at home. (Catch is she got a taste for amateur stage so then graduated to Carmina Burana, still far better than my two other sisters torturing cats with their guts(Violin lessons)).
As kids we were actually taken to some professional G & S performances in Edinburgh, some I do not mind, there is a certain wit to them, they certainly are more entertaining than a never ending opera.
I share your opinion of Opera ... but back in 1970 was persuaded by an ex-Teacher that "if you like that prog-rock stuff, you should go to the Royal Festival Hall and see / listen to the production of Verdi's Requiem (with an extended orchestra and double choir).
He was right, it was mind-blowing (or 'far out' in the vernacular then) ... and I felt like I'd witnessed the fount from which prog-rock (sans guitars) had sprung!