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News – 10.04.24
Form PF: Are you up to speed with the latest developments?
Through this insight we will bring to your attention the main changes in a bitesize manner so that you can stay abreast of the requirements as they may apply to your firm. … Read more
Insight – 16.04.24
US and UK tax on carried interest
Learn more about the opportunities to minimise double taxation for dual US/UK taxpayers … Read more
Upcoming event – 29.04.24
Governance code updates and advice for Further Education colleges from Buzzacott and the ESFA
Join Buzzacott and the ESFA for a governance update for further education colleges … Read more
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Whatever you post, whether it be on your Facebook page, Twitter, a forum, or any internet site, that information is available to HMRC and they will look at these sources for information to check your tax return.
One of your obligations is to ensure that your tax return is accurate and complete. HMRC is alerted to various entries in your tax return such as rounded amounts or what HMRC suspects are estimated amounts as they will then believe that your record-keeping is not being complete.
If there are any year on year inconsistencies or variances in your tax returns, for example, if you have lived off non-taxable incomes one year or there's been a change in your business performance such as your gross profit rates, you should make entries in your additional information box, also known as the white box, to explain this. That way, when HMRC risk assesses your return, you will have made this situation aware to them.
Call us today on +44 (0)20 7710 3389 or fill in the form below and a member of our team will be in touch. All communications are in the strictest confidence.
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