ukinvestor
Member of DD Central
Posts: 116
Likes: 34
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Post by ukinvestor on Nov 20, 2021 22:42:29 GMT
Every year when I fill in my tax return, I get to box 20 towards the end:
If this tax return contains provisional figures, put 'X' in the box
And every year, I wonder what this box is for.
Anyone who knows?
What can this be used for?
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Post by bernythedolt on Nov 21, 2021 15:44:54 GMT
Every year when I fill in my tax return, I get to box 20 towards the end: If this tax return contains provisional figures, put 'X' in the box
And every year, I wonder what this box is for.
Anyone who knows?
What can this be used for?Mrs Dolt spent some years in the past working for HMRC. In her day (may or may not apply today), they maintained a list every year of taxpayers who were selected for individual review, for one reason or another, such as sudden high profits, significant change in investment income, estimated figures, etc, etc. She suspects ticking your X box would automatically place you on this list for closer scrutiny a few weeks or months later (or even years, depending how busy the office was). If your name appears on this list year after year, you get prioritised and bumped further up it. If it's appropriate to tick the box, then best to do so. If they discover you've used estimated/provisional figures and not ticked the box, that can result in penalties and interest.
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