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Adam Hunt
Adam Hunt, Accountant
Category: Finance
Satisfied Customers: 453
Experience:  FCCA, FFA, FFTA
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I am going through a tax inspection and have some more

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Hi there, I am going through a tax inspection and have some more questions - Tony helped me last time.HRMC asked for my banks statements which they have and now they are enquiring about other income that wasn't declared as such. the problem is that I was using only one bank account for business and for personal use - I need to separate what's business and what's not on a spread sheet but not sure how to go about it.
I am assuming I only have to specify the ones they are mentioning on the letter - but how do I lay it out on a spread sheet?
Customer: replied 2 years ago.
sorry couldn't find the right category - I have posted this question to the tax experts, thanks

Hi I am one of the experts. You need to simply download bank statement in excel format from Bank online or put all transactions in the excel format. In the column put on top personal transactions and Business transactions. Below these two columns row by row write down which transaction is for business and which one is private.

Please call inspector and tell them you want to send them more info as to which transaction is for business and which one is not for business so you need their email address. Once you have got inspector's email address then email this sheet to them.

This will help HMRC and you both. Hope I have answered your question?

Customer: replied 2 years ago.
Hi, do you mind showing me like an example of this? sorry but Excel & accounting is not something I'm very good at
Customer: replied 2 years ago.
they sent me a letter asking for some specific transactions- do I have to do only those or should I do all bank statements for said tax year?

If you are send them email then send all bank statements with columns example, Date, Transactions, Details, Business transactions, Personal transactions. Example attached.

You should by the way only send info that they have asked you about to keep things simple. So just reply to their query and tell them which one is for business and which one is not.

Please also do me a favour that accept this answer if i have replied to you.

Adam Hunt and 2 other Finance Specialists are ready to help you
Customer: replied 2 years ago.
many thanks

Thank you so much and good luck.