Estimated figues on SA
Poodle
Registered Posts: 695 Epic contributor 🐘
Hi
Not done this before but is it ok to submit estimated figures on a SA TR for an individual having ticked the box to indicate that the figures are just that, and then write an explination in the white box?
My intention would then be to submit an amendment with actual figures at a later date.
Would this be a way to avoid the penalty?
and would I still have 1 year to amend the figures?
I assume that if the estimated tax liability is understated then interest would become due on any underpaid tax
Poodle
Not done this before but is it ok to submit estimated figures on a SA TR for an individual having ticked the box to indicate that the figures are just that, and then write an explination in the white box?
My intention would then be to submit an amendment with actual figures at a later date.
Would this be a way to avoid the penalty?
and would I still have 1 year to amend the figures?
I assume that if the estimated tax liability is understated then interest would become due on any underpaid tax
Poodle
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Comments
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I have done this once or twice and got away without paying the penalty. Usually good idea to have a good explanation in additional information.0
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I've done it before a few times as well and no questions were asked and no penalties imposed. When I worked at ernst & young we had a client who hadn't given us any info for 4 years (no real reason, just lazy!) so we'd submitted estimated returns for those years and she paid the estimated tax. When we finally got the returns finalised she had overpaid tax so got a refund - HMRC never queried it but maybe they would have imposed late filing penalties if she hadn't paid enough.0
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Thank you both for your responses.
Much appreciated
Poodle0
