Post
by karancat » Sat Apr 28, 2012 3:20 am
Dear Friends, A very quick query in regards to filing my tax returns.I am currently on a Tier 1 visa and my visa is due for renewal on the 13th of April 2013. When I was initially granted the visa I had shown income from salary and self employment.The income was satisfactory and the HO granted me the initial visa. Now I need to file my tax returns on the amount.This is for the tax year 2010-2011.The last date for filing my tax returns was 31 Jan 2012 which means that I already have a penalty of £100.My query is, if I incurred losses during the last year which happened after the visa was issued will the HMRC have any issues with it.Say for example my annual income including salaried and self employed was £52000 and if I incurred losses of around £22000 ( which I intend to declare to the HMRC), will it be likely that they might set an enquiry in this case? These were genuine losses for the business and the monies were refunded to the clients.Moderators and gurus please advise me on this because I intend to file my taxes before 30 April 2012 because the penalty increases to £10/day after that.
