5 years of Tax Returns!

T.C.

I have just taken on a new client, just a sole trader, but I have 5 years' of accounts and Tax Returns to do. Any particular advice for submitting TRs that old?

Poodle

A.s.a.p.

T.C.

Oh thanks! They has made me smile!

Poodle

I have had a couple where they are this far behind. The first thing that I did was to contact HMR&C and let them know that my "client" has contacted me with the desire to sort their tax affairs out and gave them a time frame for this to be completed.

Also, make sure that you have the correct starting point for tax carried forward onto the first year that you are preparing. I missied this on one and felt a right nelly when my follow on comps were all wrong.

Care re possible P11d's as well.

Julia

JodieR

I may be too late with this comment but watch out for capital allowances as they have to be claimed within 2 years I think it is - when I had a '5 year catch up job' I phoned HMRC and they said that I couldn't claim capital allowances on the earlier returns. It does sound a bit strange though so I'm happy to be corrected - could have spoken to a dud HMRC employee. In my case it didn't make much difference overall but just be careful if your figures are material.

T.C.

Thanks, good point. I am waiting on details from HMRC at the moment, so this one could go on for some time yet!