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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4983
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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, I am UK born and bred and always paid tax - self

Customer Question

Hello,
I am UK born and bred and always paid tax - self assessment. Until May last year I ran my own business until I ran out of cash and had to liquidate it. From then 'til now I have been trying to make a living working from home - shares and forex currency trading. I have just received a penalty notice from HMRC....
I have not seen an accountant and was rather hoping to sort things on-line, can you help?
I thank you in advance,
Russell Oddy, Bewdley, Worcestershire.
email: *****@******.***
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.

Hello and welcome to the site. Thank you for your question.

Is the penalty notice relating to not filing the tax return 2014 (tax year ended 5 Apr 2014) on time?

What was your accounting year end?

You say you liquidated your business in May last year.. I take it you are referring to liquidating it in the current tax year).

Please advise

Customer: replied 2 years ago.

My last return would have been financial year end 2013. I did not file last years return to which a late penalty fine has been applied.

Expert:  taxadvisor.uk replied 2 years ago.
Russell, thank you for your prompt reply.

I don't have good news for you. You should have filed a tax return 2014 unless you had received any communication from HMRC advising you otherwise.

As you liquidated the business in May 2014, there was no reason to suspect you were not trading or your circumstances had changed in tax year 2013-14.

My advice would be to file your tax return 2014 without delay and furthermore remember to file the tax return 2015 (year ending 5 Apr 2015) on time. You will notify the tax office of your business ceasing in that return.

I am sorry the news is not that favourable.


I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 2 years ago.

I knew that. I am here looking for someone to help me fill in my 2013/14 return and then on going

Expert:  taxadvisor.uk replied 2 years ago.
RusselL, thanks for your reply.

I am happy to help you if you provide me with the details
Please let me know how you wish to progress it.

Many thanks
Customer: replied 2 years ago.

what is your price and what info. do you want.

Expert:  taxadvisor.uk replied 2 years ago.
Russell, thank you for your reply.

The sort of information I require is
accounts for the year ended in tax year 2013-14
information on other income/interest/investment income

If you wish me to help you file the tax return using software I use for clients then I can do that too but it will be part of additional services. I will send you an offer if you wish me to progress this. At that point I will let you know what else is needed.

if you decide not to proceed, then my request to you is not to rate my answer and we could close the chat at this point.

Please let me know.

Many thanks.
Customer: replied 2 years ago.

I can provide you with requested info. for you to file my return using your software - what is your price?

Expert:  taxadvisor.uk replied 2 years ago.

Russell, thank you for your reply.

I have sent you additional services details.

If you decide not to proceed, please let me know and I would opt out or request refund for you.

Many thanks