Client with rubbish records!
JJH1969
Registered Posts: 110 Epic contributor 🐘
I have a new client who hasnt been trading long. Im doing his first year - it is a partnership. He did not value stock at the end of March and has no idea what it would have been only that it was minimal - would you just put a note on the tax return to this effect? Also there are receipts of cash in the bank which do not tie back to invoices or VAT returns. The miscellaneous receipts total £1k. All monies have been banked using paying in slips in the bank and not a paying in book so they have no idea what these relate to. Where would you post them?
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Comments
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If stock is minimal then I would except an estimate and would not put a note on the tax return.
I would explain to the client that the unknown receipts would be treated as sales by HMRC unless envidence can be provided that they are not and therefore that is the way they should be treated in the accounts with an adjustment to the VAT creditor at the year end also.0
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