mistake in prev tax return and tier 1 extension

[chaman]

Hello all.

I am new ti this forum but I have benefited much from it. I am stuck in a problem where I need your help.

When I applied for my tier 1 g inital grant, my self employed gross income was 12k, less 2k expenses so net profit was 10k for which I got points.

But when I submitted my tax return, it was all new to me at that time and because of confusion, I made a mistake by putting 10k gross, less 2k expenses so I was taxed on 8 k. I should have used an accountant for this but I did not.

I have just discovered this error when I was looking at my records by the way. I have now applied for extension and am v worried as what if HO checks my tax recod and find this out before it is amended by hmrc. I am going to write to them soon for correction as its more then 12 months old change.

Any advice or suggestion would help. really stressed.[/quote]

[chaman]

Please gurus can you advise what may happen in this case? Anyone aware of any case like this, plz share your thoughts.

[chaman]

Please gurus can you advise what may happen in this case? Anyone aware of any case like this, plz share your thoughts.

[rakeysh.patel]

Hello all.

I am new ti this forum but I have benefited much from it. I am stuck in a problem where I need your help.

When I applied for my tier 1 g inital grant, my self employed gross income was 12k, less 2k expenses so net profit was 10k for which I got points.

But when I submitted my tax return, it was all new to me at that time and because of confusion, I made a mistake by putting 10k gross, less 2k expenses so I was taxed on 8 k. I should have used an accountant for this but I did not.

I have just discovered this error when I was looking at my records by the way. I have now applied for extension and am v worried as what if HO checks my tax recod and find this out before it is amended by hmrc. I am going to write to them soon for correction as its more then 12 months old change.

Any advice or suggestion would help. really stressed.

[/quote]

I am sorry but I am struggling to understand some of your statements. You mentioned that in ur T1 initial application, you gained points as £10k profit. Had you not filed the tax returns by that point? What you have done is a school boy error mate, I will go beyond once you respond to my question

Ta

[chaman]

Hello all.

I am new ti this forum but I have benefited much from it. I am stuck in a problem where I need your help.

When I applied for my tier 1 g inital grant, my self employed gross income was 12k, less 2k expenses so net profit was 10k for which I got points.

But when I submitted my tax return, it was all new to me at that time and because of confusion, I made a mistake by putting 10k gross, less 2k expenses so I was taxed on 8 k. I should have used an accountant for this but I did not.

I have just discovered this error when I was looking at my records by the way. I have now applied for extension and am v worried as what if HO checks my tax recod and find this out before it is amended by hmrc. I am going to write to them soon for correction as its more then 12 months old change.

Any advice or suggestion would help. really stressed.

I am sorry but I am struggling to understand some of your statements. You mentioned that in ur T1 initial application, you gained points as £10k profit. Had you not filed the tax returns by that point? What you have done is a school boy error mate, I will go beyond once you respond to my question

Ta[/quote]

thats right sir. I got points for 10k profits and had not filed my tax return at that point coz the tax year had not ended. when submitted the tax return later, I kind of deducted the expenses twice.

[rakeysh.patel]

Sterotype !!! lol

Well, that should be fine as you may have genuinely incurred extra expenses from the point you got your visa to the point financial year ended. I think you will be fine. I am not pointing finger at anyone, but I know few people on this forum discussed about this and that sends out the clear message of tax evasion. People think they can get away by filing higher expenses just cause they go t their visa now, wait until UKBA start cracking that down, if not started already.

Good Luck

[chaman]

Thank you very much for your advice raxs1983. tax evasion has never been an issue here but I do appreciate your comments. This kind of practice should always be discouraged.

[rajaninanu]

Hi chaman,

Please could I clarify something because I am also self employed.

Was your tax statement one proof of your previous earnings? what all other proof did you show?

Many thanks
Rajani

[chaman]

Hi chaman,

Please could I clarify something because I am also self employed.

Was your tax statement one proof of your previous earnings? what all other proof did you show?

Many thanks
Rajani

Hi,

I submitted a letter from accountant, Profit and Loss accounts, invoices, bank statements and copies of my contracts of services (not essential though). By the time I applied, the tax year had not ended so I could not provide a tax return.

Hope this helps

[iffi786]

When did u apply for visa ?

[chaman]

When did u apply for visa ?

My initial tier 1 was granted in 2009 and I have applied for extension last month.

[iffi786]

Check ur pm box