hazellend
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Post by hazellend on Apr 8, 2018 14:24:44 GMT
few thoughts:
- will col be sending our tax info to HMRC for last tax year? If so, when will they do that and will we get the info? - if estimating your interest are you including the 2 months of blind payments that are hopefully in our client accounts? - will HMRC waste time on this?
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agent69
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Post by agent69 on Apr 8, 2018 14:27:01 GMT
few thoughts: - will col be sending our tax info to HMRC for last tax year? If so, when will they do that and will we get the info? - if estimating your interest are you including the 2 months of blind payments that are hopefully in our client accounts? - will HMRC waste time on this? There's no great rush to send in your tax return, so maybe just wait and see how things pan out?
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hazellend
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Post by hazellend on Apr 8, 2018 15:43:36 GMT
few thoughts: - will col be sending our tax info to HMRC for last tax year? If so, when will they do that and will we get the info? - if estimating your interest are you including the 2 months of blind payments that are hopefully in our client accounts? - will HMRC waste time on this? There's no great rush to send in your tax return, so maybe just wait and see how things pan out? I’m not in a rush, just curious if anybody knows. If the company is in administration maybe they won’t bother sending HMRC the documentation.
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mason
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Post by mason on Apr 8, 2018 18:14:34 GMT
There's no great rush to send in your tax return, so maybe just wait and see how things pan out? I’m not in a rush, just curious if anybody knows. If the company is in administration maybe they won’t bother sending HMRC the documentation. Doesn't seem like the current administrator is in a position to do very much, given the restrictions placed on them seem to stop them doing anything but the bare minimum to keep the company treading water. The new administrator should be appointed in time to deal with this and compliance with the regulatory regime will likely be quite high on their list of priorities. I doubt anything will be sent to HMRC until the FCA is happy that we are entitled to receive the income.
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rgog
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Post by rgog on Apr 8, 2018 18:44:10 GMT
I’m not in a rush, just curious if anybody knows. If the company is in administration maybe they won’t bother sending HMRC the documentation. Doesn't seem like the current administrator is in a position to do very much, given the restrictions placed on them seem to stop them doing anything but the bare minimum to keep the company treading water. The new administrator should be appointed in time to deal with this and compliance with the regulatory regime will likely be quite high on their list of priorities. I doubt anything will be sent to HMRC until the FCA is happy that we are entitled to receive the income. I think hang tight is the best advice in the current circumstances (unless your personal tax position dictates otherwise) I shall do my tax return at my traditional time later in the year.
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pom
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Post by pom on Apr 9, 2018 8:42:26 GMT
I am keen to do my return early because I anticipate a decent amount of cash back, having put some of my inheritance into VCTs. I have calculated 1% of my starting balance each month (as that is what I have documented) and will put in an estimated figure (included the expected interest for Feb and March). Way I see it if we haven't actually received it then it's accrued at best (I won't believe we'll get it until we do....and even if we do it I think it's unlikely to be sitting in our accounts and so will be a different tax year). So if we still don't know what's happening when I get the rest of my paperwork sorted (I know it'll be July before I have everything) then I'll just put what I did actually receive and say the return includes estimated figures.
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tarq
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Post by tarq on Apr 9, 2018 9:06:27 GMT
Yes, me too.
I know how much interest I'd received up to Feb, so will put this figure down.
The rest, if any, can go on next/future years' return.
I too am expecting a tax rebate so want 2017-18 TR in asap.
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Post by supernumerary on Apr 9, 2018 9:06:44 GMT
Way I see it if we haven't actually received it then it's accrued at best (I won't believe we'll get it until we do....and even if we do it I think it's unlikely to be sitting in our accounts and so will be a different tax year). So if we still don't know what's happening when I get the rest of my paperwork sorted (I know it'll be July before I have everything) then I'll just put what I did actually receive and say the return includes estimated figures. That is a 'great turn of phrase'; "Way I see it if we haven't actually received it then it's accrued at best..."TBH, I think that is the best way of viewing it at the moment.
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hazellend
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Post by hazellend on Apr 9, 2018 9:08:08 GMT
Way I see it if we haven't actually received it then it's accrued at best (I won't believe we'll get it until we do....and even if we do it I think it's unlikely to be sitting in our accounts and so will be a different tax year). So if we still don't know what's happening when I get the rest of my paperwork sorted (I know it'll be July before I have everything) then I'll just put what I did actually receive and say the return includes estimated figures. That is a 'great turn of phrase'; "Way I see it if we haven't actually received it then it's accrued at best..."TBH, I think that is the best way of viewing it at the moment. Although, if you were within the tax free allowance you may want to count it as savings income for last tax year as you won't pay tax on it anyway.
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withnell
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Post by withnell on Apr 9, 2018 15:22:49 GMT
You can submit an estimated figure - but this has to be reasonable, so adding 1%pm for Feb/March would be reasonable, saying that it'll true up in a future year not so much...
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adrianc
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Post by adrianc on Apr 9, 2018 16:29:09 GMT
If the company is in administration maybe they won’t bother sending HMRC the documentation. That reads rather as if your plan is "Well, if they won't find out from anybody else, I'm not planning on telling 'em." And I'm sure that's not what you mean, is it?
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hazellend
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Post by hazellend on Apr 9, 2018 17:00:22 GMT
If the company is in administration maybe they won’t bother sending HMRC the documentation. That reads rather as if your plan is "Well, if they won't find out from anybody else, I'm not planning on telling 'em." And I'm sure that's not what you mean, is it? I like to pretend that I would be brave enough to be a criminal sometimes
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mason
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Post by mason on Apr 9, 2018 17:32:05 GMT
Way I see it if we haven't actually received it then it's accrued at best (I won't believe we'll get it until we do....and even if we do it I think it's unlikely to be sitting in our accounts and so will be a different tax year). So if we still don't know what's happening when I get the rest of my paperwork sorted (I know it'll be July before I have everything) then I'll just put what I did actually receive and say the return includes estimated figures. That is a 'great turn of phrase'; "Way I see it if we haven't actually received it then it's accrued at best..."TBH, I think that is the best way of viewing it at the moment. I believe the official position is that income is treated as being received in the tax year it is paid and made available to the beneficiary. So it would seem fairly clear that February and March's interest (if paid at all) would fall into this tax year. I therefore wouldn't add anything on for Feb/Mar in an estimated figure for the 2017/18 tax year.
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pom
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Post by pom on Apr 9, 2018 21:27:01 GMT
Agreed. Whatever you do do, do not tick the box saying you have included estimated figures on your tax return otherwise you'll definitely have to do it again. when you have the correct figures. I have a figure for CO interest that I *think* is correct as of the 31st Jan 2018 but I'm not sure if it includes the end of January interest run. At the moment I intend to provide that end of jan figure in my tax return and if it's not correct, I'll just add or subtract the income on my 2018-19 tax return. As long as it doesn't move me into or out of a tax band it'll all come out to be the same and HMRC will get the same tax. If the tax difference in the two tax years is not the same, I'll just have to amend my 2017-18 return (after it's deadline). I think you can amend your tax return for a year or so after you submit it but you have to have a good reason why. You can change it online up to a year after the submission date and you don't have to give a reason at all. Then again the only time I've done it it didn't change my tax owed (had forgotten to include some cap gains stuff tho was still well below the limit) so I can't comment as to what might have happened if the changes had made a difference. After that gets a bit trickier I believe as you have to go paper copy. But if we've not received the money from COL by then it definitely won't count for 17-18 !
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withnell
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Post by withnell on Apr 10, 2018 5:44:19 GMT
Agreed. Whatever you do do, do not tick the box saying you have included estimated figures on your tax return otherwise you'll definitely have to do it again. when you have the correct figures. I have a figure for CO interest that I *think* is correct as of the 31st Jan 2018 but I'm not sure if it includes the end of January interest run. At the moment I intend to provide that end of jan figure in my tax return and if it's not correct, I'll just add or subtract the income on my 2018-19 tax return. As long as it doesn't move me into or out of a tax band it'll all come out to be the same and HMRC will get the same tax. If the tax difference in the two tax years is not the same, I'll just have to amend my 2017-18 return (after it's deadline). I think you can amend your tax return for a year or so after you submit it but you have to have a good reason why. It you don't tick the box and have estimated figures in the return, you commit tax fraud. Whether logical or not, HMRC won't accept the "I'm paying the same 40% but in another year" excuse
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