Member Since: 21st Jun 2010
14th Jan 2021
Thank you - that is so helpful, and just what I wanted to know.
I have dealt with quite a few LPC's before, and these 'tax-payers' have already asked how much to pay up front, and I will be billing as I go. I do realise I have to do all the work, just didn't want to have to fill out/submit SA Returns on top.
The only one I've done where HMRC found them first was for a much bigger liability, and it was a formal enquiry from the start, so dealing directly with a named Inspector. It went back almost 20 years, with 2 significant property sales (tax of £100K's), but the Inspector chose to only go back 4 years, and reduced the penalty rate at my first request! (There were mitigating circumstances, but even the client felt he got off lightly.) It does seem that HMRC are particularly lenient with a lot of undeclared rental income cases, hence why I was wondering whether there was another way of dealing with it - with LPC, there is no option but to declare all years and apply the appropriate rate of penalty, whereas a formal enquiry seems to offer the possibility of a lesser number of years. Anyway, I'm not in the business of assisting them to avoid tax, but I felt I should see if there was an alternative approach.
18th May 2020
Thank you very much for your post in reply to mine.
I am pretty sure that I do still have a few who don't have a GG account, though what you say does sound logical, so I am now questioning myself. It's difficult to remember now, quite how these things happened. I think I will cross that bridge when I come to it now, as otherwise I could waste a lot of time - the clients in question definitely never use their accounts, even if they do have one, so login details will probably have been lost.
(Thought I'd posted this this morning!)
15th May 2020
How does a client re-instate their VAT D/D??
I have several who have cancelled their D/D this quarter, but don't have online govt gateway accounts - they have never previously needed them, and one is very 'phobic about it. Is this the only way now - they all have to get themselves online one way or another...
20th Dec 2019
yes- thank you, though not much to be gained in that direction for my particular client's circumstances.
20th Dec 2019
I've just re-read your reply, and I can see that IS what you are saying.
It takes a while to re-focus the mind when it has become a stuck record...!
Thank you again.
20th Dec 2019
Thank you very much for your post.
Just to be clear, are you saying that what I want to do, is in fact exactly what I should be doing anyway....
i.e. I should be deferring all the gains on the share portfolio (sold up to 12 months after the EIS investment date) and then look to see what gains are left, set off part of the losses to match them, and then I can carry forward any remaining losses into the next tax year.
22nd Nov 2019
OK, thank you very much. I will look at those links before I make my submissions.
19th Nov 2019
No, just the 2 of them, and now only 1.
Thank you - I think that may be the most efficient way of dealing with it....I just wanted to see if anyone replied saying definitely don't do that!