If you didn't submit the Return until 17/5/17 why do you think the notice is out of time? Surely HMRC have 9 months to issue a correction which will be 17/3/18. Once the Notice is issued you have 30 days to reject it if you think it is wrong but that will probably trigger an enquiry. What is the nature of the correction and what year are you talking about?
sorry. duplicate post
if the new accounting date ended in 20/16/17, and the Return is sent in late, you have failed to notify so it will not take effect until the following year.
Also I do not believe you send in two sets of pages if submitting electronically.
Follow the helpsheet
From your answer it sounds like a Life Interest settlement if he inherited it from his niece, and he is obviously not a settlor.
All income mandated directly was common where all tax was credited at source and HMRC have confirmed for me that those arrangements can continue.
In these circumstances Tim is correct. Instead of creating a Trust page, create an ordinary shareholding in the Trust name and enter a dividend on 5th April of £14,000. That should get the right answer
I need more information please. What is the nature of the trust, is all the income mandated to the beneficiary and what kind of beneficiary is your client?
Why have you now decided this is bad?
Your initial thought, unless they sent you tax returns you didn't fill in, would appear to be the correct one.
DJKL has identified any potential issue but that is for the Company not you. They should have decided whether you are employed or self employed but again on that level of income it is unlikely there would have been tax due.
In my experience when options are exercised it is common practice to sell sufficient shares to cover the tax created by exercising the options. (Hate that sentence but can't think of different way to say it.)
The net proceeds are added in to payslip as non taxable amount and the end result should therefore result, if they got the numbers right, in a net pay of the normal amount.
Surprises galore could be a good omen for this year I hope.
I used to use Basic Tools before Auto Enrolment so quickly updated it and tried to send an EPS - failed for 2 reasons.
1. The ignominious body tag error
and more disturbingly
2. You have not been invited to submit this submission type.
So I rang the helpline today and spoke to an incredibly helpful officer. Her suggestion was indeed to send a Month 12 EPS to register the tax paid. She said I should be able to use Basic Tools but also could see no reason why Moneysoft couldn't do it.
So, bull by the horns, created 16/17 file in moneysoft, filled in CIS figure, it created an EPS, I hit go and SUCCESS!!!
Now I just have to work out how to get the money back.........
@lion and dragon - didn't that take half the fun away then?
@Taxdragon - am intrigued now. First involved in tax comps for large medical practices in the late eighties - pre self assessment - and I can't remember a different method in reaching partnership shares. What did OTS recommend