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Blocked Username wrote:Hi experts
After going through from different tax discussion i am going to amend my tax returns which is 10/11 tax return now i wondering if i can still amend it first and second is somebody told me if HMRC still amend it they wont update the figure on a relevant tax year but they would collect the money. Is this true.???
Regards
akan wrote:Blocked Username wrote:Hi experts
After going through from different tax discussion i am going to amend my tax returns which is 10/11 tax return now i wondering if i can still amend it first and second is somebody told me if HMRC still amend it they wont update the figure on a relevant tax year but they would collect the money. Is this true.???
Regards
I have checked with HMRC and SA302 will be updated once amendment is done. However that's not concrete because in some cases HMRC ask for full payment before updating SA302.
Its better to put everything in right order rather leaving it to last minute.
0300 200 3310yash84 wrote:akan wrote:Blocked Username wrote:Hi experts
After going through from different tax discussion i am going to amend my tax returns which is 10/11 tax return now i wondering if i can still amend it first and second is somebody told me if HMRC still amend it they wont update the figure on a relevant tax year but they would collect the money. Is this true.???
Regards
I have checked with HMRC and SA302 will be updated once amendment is done. However that's not concrete because in some cases HMRC ask for full payment before updating SA302.
Its better to put everything in right order rather leaving it to last minute.
on which contact number did you check with HMRC
wwe1983 wrote:Hi All,
I have a question regarding self employment net income,
-My net profit matches what I provided to Home Office and HMRC at my initial grant back in 2010/11.
However net profit and taxable net profit is different as I used equipment allowance. so in summary Net profit is 10,000 (shown to Homeoffice and HMRC) and net taxable profit is 7000 as allowance of 3000 was used.
would that be a problem if HO checks that net profit is 10k and net taxable profit is 7000? has any one used tax allowance for their visa or is it just me? ie does HO expect net profit and net taxable profit to be the same?
Thanks
Thanks, another problem is that SA302 mentions only the taxable net profit which doesn't match with the net profit in that case (submitted to HO at initial grant). Luckily HMRC can send you a copy of tax return forms which should have all the details (net profit declared and taxable profit declared), but again the last thing we want to do is to confuse a case worker with this extra paperwork checks.never wrote:wwe1983 wrote:Hi All,
I have a question regarding self employment net income,
-My net profit matches what I provided to Home Office and HMRC at my initial grant back in 2010/11.
However net profit and taxable net profit is different as I used equipment allowance. so in summary Net profit is 10,000 (shown to Homeoffice and HMRC) and net taxable profit is 7000 as allowance of 3000 was used.
would that be a problem if HO checks that net profit is 10k and net taxable profit is 7000? has any one used tax allowance for their visa or is it just me? ie does HO expect net profit and net taxable profit to be the same?
Thanks
hi
i have done same with my extension
i thinks so there is nothing to worry about on this
because as HO said the net profit from last 12 months out of 15 months
even you declare full financial still we use our free allowance as well like you declare 20k of full financial and out of 20k suppose 10k is free allowance so we pay only tax on rest 10k its not possible we pay tax on full 20k
i am not sure but i think so its correct might be any senior member know better then me
because my accountant have done the same thing which i have explain you
my last extension i select my 11 months from last financial year and one month from next financial years so i pay less tax but the account which i have submit to the HO is the exact same
awaiting for senior member response as well
10-12 weeks . Also depends what the amount is.tomanuel2015 wrote:Hi there,
I am a new member on this forum. My Tier 1 General 2nd extension visa runs out in 13 October. My accountant recently (16 June - recorded delivery) wrote to the HMRC to rectify my undisclosed tax return for tax years 2011 and 2012 as self employed.
My question is how long does it take HMRC to respond and should they fail to respond before my visa runs out what can I do?
Was hoping to make my ILR application via PEO last week in September.
Your sincere advise would be most appreciated.
Hi Akan, thanks for your response. For tax year 2011 the amount yet to be disclosed is £2K and in 2012 it's £7,300 respectively.akan wrote:
10-12 weeks . Also depends what the amount is.
Please state your figures for more help and advice.
Pm me your number i will explain youtomanuel2015 wrote:Hi Akan, thanks for your response. For tax year 2011 the amount yet to be disclosed is £2K and in 2012 it's £7,300 respectively.akan wrote:
10-12 weeks . Also depends what the amount is.
Please state your figures for more help and advice.
Any suggestion please. I am really keen on sorting this out before my ilr application.
Unfortunately Akan, I am unable to PM as requested.akan wrote:Pm me your number i will explain youtomanuel2015 wrote:Hi Akan, thanks for your response. For tax year 2011 the amount yet to be disclosed is £2K and in 2012 it's £7,300 respectively.akan wrote:
10-12 weeks . Also depends what the amount is.
Please state your figures for more help and advice.
Any suggestion please. I am really keen on sorting this out before my ilr application.
aliq09 wrote:Hi ,
The first question i will be asking to you and your accountant : Have the Ltd company dissolved as per Company House and HMRC rules. If your answer is YES than nothing to worry about . From your post , i am getting the idea that things have not been closed properly . Kindly contact some good solicitor ... Now few words as per topic ILR - Tax \discussion
IMO : Once you go to HO /PEO for extension ( previous years) and for new application now ( ILR) , you present some financial papers to HO ( Payslips & Employer letter Bank Statement ) or ( Accountant letter , Salary , Dividend and statement etc) . What does this mean : You are showing to HO that this is MY INCOME ( in simple English) and all the previous work has been done ( expense , tax sorted etc). You show HO a certain period in which you are showing them the income earned . Now here is the equation and you have to decide on which side you belong currently
Equation :
April to April ( Tax Year ) Income £ 10,000 ( TO HO ) = Income £10,000 ( TO HMRC ) RESULT : GREEN
In between ( May to March ) Income £10,000 ( TO HO) = Income £ 11000 ( TO HMRC ) RESULT : GREEN ( Plz note you have to show full year income to HMRC for tax purpose . If suppose HO will see lesser than £ 10,000 income ( May to March ) shown to HMRC results will be RED. In short any thing EQUAL TO and GREATER THAN is fine .. IMHO .. You can say company make loss afterwards ( especially the case for taking earlier Dividends ) but i will stick to my point : what you have shown to HO is your income after taking in account all the expense and loss at that particular month. You can challenge but as per current environment HO will refuse your application ( IMHO)
Year split : Make sure for 2 years , your SA 302 = to income show to HO
I have just narrated a simple idea for a very complex topic but in a nut shell what income you have shown to HO in your previous application much be equal to or greater than the income you are showing to HMRC and any thing which is less is RED ALERT. Don't make any assumptions here ( unless you have been advised by professional ) and make YOUR BOOKS update.
Many Thanks