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how do I enter this on a Tax Return ?

When gathering information for a tax return ...

...I asked the client "how much interest did you receive in the year ended 5 April 2017" ?

Any thoughts as to how one should enter their reply of "not much" ?

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21st Jan 2018 15:48

Ask them to define 'not much'.

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21st Jan 2018 16:14

Eh dear - people make problems for themselves where there are none.

Use the white space!! That's what it's for.

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21st Jan 2018 18:05

And if the client smugly tells you he has received interest of under £100 and you have better things to do by 31st January than chase him to be specific, what do you enter on his tax return:
- nothing, because no tax will be payable, or
- £99?

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21st Jan 2018 22:26

I’d suggest that, the sooner he/she provides some evidence of what the figure might be, the sooner you might be able to save he/she the £100 late filing penalty. This clever sod needs teaching a lesson, with only 10 days to go.

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By Ruddles
21st Jan 2018 22:37

I’d put in £16k and an entry in the white box to say it’s estimated. When he complains about his tax charge I’d tell him that in my opinion £16k “isn’t much” but that I’d be happy to amend the return for an extra fee.

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22nd Jan 2018 04:16

"As you haven't provided the requested information necessary to prepare your tax return in time a fine will be incurred. I would suggest that you let me have the outstanding information as soon as possible to avoid the fines increasing."

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22nd Jan 2018 09:41

what you client really means is that they can't be bothered to find the actual amount......it really is a wonder why we all put up with some clients

tell him you can estimate the figure but you are running the risk of a penalty for a careless error once HMRC check the return if the estimate is off

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22nd Jan 2018 10:01

When I ask this question I always put the rider that HMRC already know what it is so you'd better be accurate. It is strange that clients often are unaware that interest paying companies make returns to HMRC

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24th Jan 2018 12:29

''Not much'' is also used for sales, rents etc

You ask ''can I have your accounting records please''

Answer '' not done much this year''

You do get tired of this minority element that we all have. This year I am determined to thin them out as retirement looms.

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