No he won't have them as qualifying years as HMRC will know nothing about this salary. The only way to get the salary recognised would be to open a very backdated PAYE scheme, but the penalties on that would probably not make it worth doing. Would probably be cheaper to make voluntary NI contributions for the missing years (depending on time limits).
Are you suggesting that covid had no effect on the self-employed at all?
No, I'm not sure where you got that idea from. Just that many self employed people carried on working at normal income levels and claimed anyway, either 'just in case' or because their mates had told them it was free money. These people would not actually be eligible to claim and should therefore be paying it back via self assessment.
If they shouldn't have claimed the grants they should be repaying them via self assessment. If HMRC can find some staff from somewhere in the future they will have a field day with opening enquiries on people who weren't actually eligible and subsequently didn't repay!
That's interesting. Just interest, or interest and late payment penalties? Was there a reason for completing the returns rather than doing a LPC disclosure?
Yes, the client was late 'noticing' that they had taxable income. I presume that late payment penalties would exist as though the return was issued/due at the correct time but just wanted to check as couldn't see an answer anywhere.
I've done this multiple times with Moneysoft, for that exact reason. It's not a problem at all, every time you change the CIS suffered it lets you submit another EPS, even months after the year end.
My answers
You would, but it doesn't seem to work like that. I've taken over some horrific messes from ACCA's
I wonder what other little joys you will find hiding in the accounts for you!
No he won't have them as qualifying years as HMRC will know nothing about this salary. The only way to get the salary recognised would be to open a very backdated PAYE scheme, but the penalties on that would probably not make it worth doing. Would probably be cheaper to make voluntary NI contributions for the missing years (depending on time limits).
This is quite a useful previous thread on this topic;
https://www.accountingweb.co.uk/any-answers/let-property-campaign-20-years
Absolutely. And he'll be just as upset when you tell him he has a tax bill for 20/21 instead of a refund!!
No, I'm not sure where you got that idea from. Just that many self employed people carried on working at normal income levels and claimed anyway, either 'just in case' or because their mates had told them it was free money. These people would not actually be eligible to claim and should therefore be paying it back via self assessment.
If they shouldn't have claimed the grants they should be repaying them via self assessment. If HMRC can find some staff from somewhere in the future they will have a field day with opening enquiries on people who weren't actually eligible and subsequently didn't repay!
That's interesting. Just interest, or interest and late payment penalties? Was there a reason for completing the returns rather than doing a LPC disclosure?
Yes, the client was late 'noticing' that they had taxable income. I presume that late payment penalties would exist as though the return was issued/due at the correct time but just wanted to check as couldn't see an answer anywhere.
I've done this multiple times with Moneysoft, for that exact reason. It's not a problem at all, every time you change the CIS suffered it lets you submit another EPS, even months after the year end.