Anyone else getting 2012 Self Assessment letter?
Hi - I already have a fistful of APNs and received this love note from HMRC on Friday with an attached SA100 form.
It reads:
'About the enclosed Self Assessment tax return for the year ended 5 April 2012
We have been in consultation with our colleagues at HMRC Counter Avoidance. We believe that you may have participated in a tax avoidance scheme. You may have received money which was described as a loan or advance on which you have not paid tax. You should consider including those amounts in the return as your income. If you choose not to declare this as income then enter details of the amounts received in the relevant white space box.
...
If we do not receive your overdue tax return I will arrange to issue a determination. A determination is our estimate of how much tax you owe for that year. The legislation that allows me to do this is Section 28C of the Taxes Management Act 1970. You have no right of appeal against a determination.'
It seems the only choices are:
1. Ignore it. You get the determination and you roll the dice and take the chances with what HMRC 'guess' you owe. Other?
2. Fill in loan details and wait for a demand?
3. Other?
Hi - I already have a fistful of APNs and received this love note from HMRC on Friday with an attached SA100 form.
It reads:
'About the enclosed Self Assessment tax return for the year ended 5 April 2012
We have been in consultation with our colleagues at HMRC Counter Avoidance. We believe that you may have participated in a tax avoidance scheme. You may have received money which was described as a loan or advance on which you have not paid tax. You should consider including those amounts in the return as your income. If you choose not to declare this as income then enter details of the amounts received in the relevant white space box.
...
If we do not receive your overdue tax return I will arrange to issue a determination. A determination is our estimate of how much tax you owe for that year. The legislation that allows me to do this is Section 28C of the Taxes Management Act 1970. You have no right of appeal against a determination.'
It seems the only choices are:
1. Ignore it. You get the determination and you roll the dice and take the chances with what HMRC 'guess' you owe. Other?
2. Fill in loan details and wait for a demand?
3. Other?
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