suggest you write to hmrc using one of their advised letter headings so correctly allocated https://www.gov.uk/guidance/agents-self-assessment-and-paye-letter-headings
spell out the nature of the error and all the boxes on the original tax return submitted. hmrc will usually amend after an extra ordinary delay and tell your client to pay the tax now to stop the interest clock. Done this loads of times (new clients that DIY wrong usually) not had any penalties yet
I enter the summary figure in the return then attach the brokers figures as a pdf on filing. most brokers flag where they are unsure on a cost price and you can do further work to satisfy yourself then but i dont see the need to question a brokers work unless its proved to be historically unreliable
depends if loan attracts interest, if it does and its not a commercial rate then need to disclose. if not would not have thought it falls under related party disclosure
offshore bonds dont qualify for the relief so as suggested this is something that needs to be run past an accountant. maybe you should get POA and can then deal with consequences for her
sounds like another accountant submitted the original return therefore you cant resubmit easily electronically - its probably not worth the bother (fees) and as others have said there maybe other reasons those voluntary contributions are sensible
if i am going down a capital distribution route anyway i general write to HMRC and give them a statement from directors stating this intention and that company debts will be assumed by those receiving the capital distribution. this means that if the debt is still considered due down the line it is paid by them and the accounts reflect the potential for the liability.
recently had this on a client. quick admission of error let HMRC amend and reviewed and declared other years. no penalties on any years and client position regularised - no worse off than if they got it right in 1st place except interest. if hmrc correct no point in arguing and would let them amend fig rather than refiling as they probably have to formally close the case - my client had assessments issued
My experience is that if a client has filed their own return through their gateway the only way an amended return can be submitted on line is via the very same gateway - your own software even if it receives an acknowledgement of processing will not be able to actually file over the top of it. HMRC have advised me in the past to file a physical tax return (by post) for which you will obviously require your clients original signature, and it may take (considerable) time to process - been waiting on 1 for 6 months so I think they have lost it but don't want to admit it (they acknowledged receipt). You must mark it as an amended return superceding the online captured return.
My answers
suggest you write to hmrc using one of their advised letter headings so correctly allocated https://www.gov.uk/guidance/agents-self-assessment-and-paye-letter-headings
spell out the nature of the error and all the boxes on the original tax return submitted. hmrc will usually amend after an extra ordinary delay and tell your client to pay the tax now to stop the interest clock. Done this loads of times (new clients that DIY wrong usually) not had any penalties yet
If you are an agent then maybe contact AAM (agent account manager) they have sorted a few stuck jobs out for my firm in the last couple of years
i had receipts for condoms from a musician (presume he thought they might be tax deductible groupie expenses!)
I enter the summary figure in the return then attach the brokers figures as a pdf on filing. most brokers flag where they are unsure on a cost price and you can do further work to satisfy yourself then but i dont see the need to question a brokers work unless its proved to be historically unreliable
depends if loan attracts interest, if it does and its not a commercial rate then need to disclose. if not would not have thought it falls under related party disclosure
offshore bonds dont qualify for the relief so as suggested this is something that needs to be run past an accountant. maybe you should get POA and can then deal with consequences for her
sounds like another accountant submitted the original return therefore you cant resubmit easily electronically - its probably not worth the bother (fees) and as others have said there maybe other reasons those voluntary contributions are sensible
if i am going down a capital distribution route anyway i general write to HMRC and give them a statement from directors stating this intention and that company debts will be assumed by those receiving the capital distribution. this means that if the debt is still considered due down the line it is paid by them and the accounts reflect the potential for the liability.
recently had this on a client. quick admission of error let HMRC amend and reviewed and declared other years. no penalties on any years and client position regularised - no worse off than if they got it right in 1st place except interest. if hmrc correct no point in arguing and would let them amend fig rather than refiling as they probably have to formally close the case - my client had assessments issued
Online filed return correction
My experience is that if a client has filed their own return through their gateway the only way an amended return can be submitted on line is via the very same gateway - your own software even if it receives an acknowledgement of processing will not be able to actually file over the top of it. HMRC have advised me in the past to file a physical tax return (by post) for which you will obviously require your clients original signature, and it may take (considerable) time to process - been waiting on 1 for 6 months so I think they have lost it but don't want to admit it (they acknowledged receipt). You must mark it as an amended return superceding the online captured return.
Sounds like a high risk client though