Struggling to meet deadlines

It is common to get setbacks and with the recent storms many people will have other things on their minds than completing returns.

Struggling to Meet Deadlines

Additionally some people will be struggling to reconstruct figures after losing records.

Late returns incur penalties, and repeat offenders get escalated penalties, so what are the alternatives.

You only have 1 month to prepare a VAT return so HMRC are happy to accept an estimated return, as long as you correct that estimate as soon as you can, on the next return.

Unintentional errors up to £10,000 of VAT can be adjusted on you next return. If the errors discovered are significant then there is a special form to complete to advice of those errors, which you may then choose to settle separately or on your next return.

The Personal Tax Return has a box you can tick to advice that estimated or provisional figures have been used to prepare the return. You then need to advice when you expect accurate figures to be available for later adjustment.

A Personal Tax Return also has a blank box where you can advice of any estimates or assumptions used for your return, especially if you do not expect to be able to make a more accurate submission.

Penalties may be appealed due to circumstances but will remain valid if those special circumstances did not apply for the full period of default.

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