Hi to all,
Quick question about submitting an amendment to my 06-07 tax return for my expenses.
Situation is I have not put any expenses through my limited company for 2.5 years... after being flat out on a number of projects and naively thinking it is not worth my time and that I would get back round to it...
2.5 years have flown by and with things quieter now and due to the fact I will be closing my company in the next few months and going permanent I have started getting everything organised expenses wise for 07-08 year and realised its worth 2k - 3k a year!!
So im wondering how the IR would react if I make an amendment to my 06-07tax return and include the expenses - would it prompt an investigation type scenario or would they look at the case individually
- ie I had included £0 expenses and added them in afterwards so nothing untoward..
unlike if I had loads of expenses already and then tried to amend and add a load more - (I can see that might look bad)
As thats not the case just wondering if its worth the risk 2k - 3k for a possible investigation but with closing the company down not sure I want the hassle, on the other hand 2k - 3k is alot to walk away from if its possible to get it back easily..?
Probably not made much sense above but what im trying to ask is:
1. How hard/costly is it to make an expenses amendment to my 06-07 tax return
2. What would happen would they just send me a cheque for any difference/benefit?
3. How risky is it to do these amendments/will it automatically trigger an IR35 investigation etc and lots of unwanted hassle?
Or is it a normal thing that people do all the time.. so not to be feared?
Many Thanks for your replys in advance
Bryan
Quick question about submitting an amendment to my 06-07 tax return for my expenses.
Situation is I have not put any expenses through my limited company for 2.5 years... after being flat out on a number of projects and naively thinking it is not worth my time and that I would get back round to it...
2.5 years have flown by and with things quieter now and due to the fact I will be closing my company in the next few months and going permanent I have started getting everything organised expenses wise for 07-08 year and realised its worth 2k - 3k a year!!
So im wondering how the IR would react if I make an amendment to my 06-07tax return and include the expenses - would it prompt an investigation type scenario or would they look at the case individually
- ie I had included £0 expenses and added them in afterwards so nothing untoward..
unlike if I had loads of expenses already and then tried to amend and add a load more - (I can see that might look bad)
As thats not the case just wondering if its worth the risk 2k - 3k for a possible investigation but with closing the company down not sure I want the hassle, on the other hand 2k - 3k is alot to walk away from if its possible to get it back easily..?
Probably not made much sense above but what im trying to ask is:
1. How hard/costly is it to make an expenses amendment to my 06-07 tax return
2. What would happen would they just send me a cheque for any difference/benefit?
3. How risky is it to do these amendments/will it automatically trigger an IR35 investigation etc and lots of unwanted hassle?
Or is it a normal thing that people do all the time.. so not to be feared?
Many Thanks for your replys in advance
Bryan
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