End of year returns

Olican

Olican

Private Member
Whose done theirs?
Are you finding it slower than usual?
Were you quizzed on grants?

Be interested to hear people's feedback from HMRC after reading a few things on farcebook

:coffe:
 
Oh No Reaction GIF
 
I noticed when the 4th grant came available an when applying it said something about checking bank accounts etc an that never happened on the first 3. I believe it’s a fear tactic but I’m terrified of Covid an just can’t chance working in anyone’s homes. It’s just far to scary. My minds been all over the place.. lost paper work with panicking an just don’t no what the hell is going on. Phones been going of the radar but I’m to frightened to even answer. I couldn’t have survived without them grants. Thank you so much bogus an hanwank
 
Olican said:
Whose done theirs?
Are you finding it slower than usual?
Were you quizzed on grants?

Be interested to hear people's feedback from HMRC after reading a few things on farcebook

:coffe:
Click to expand...
I didn't have any grants as not eligible, but the accountant said that I should make sure my tax investigation insurance is up to date as HMRC have set up a dedicated task force to check 'anomalies'.

They're going to be sending investigation letters out over the next 12 months and if you haven't got the insurance it's going to be an expensive exercise proving you don't owe anything. If you can't prove it you need to make sure your unused 'Bolivia fund' credit card is available or it's time to lube up.

Happy Shawshank Redemption GIF
 
I know of people who took mega bounce back loads an are not intending on paying them back! £30/50K I’m sure hmrc will have there hands full chasing these guys before they look into a local plasterer who earns under 30k a year. Grant wise, was it £7500 capped.. how they going to prove you never needed it over the pandemic? They going into investigate thousands of individual cases up an down the U.K. how bigs the new task force haha!
 
SmoothCriminal said:
I know of people who took mega bounce back loads an are not intending on paying them back! £30/50K I’m sure hmrc will have there hands full chasing these guys before they look into a local plasterer who earns under 30k a year. Grant wise, was it £7500 capped.. how they going to prove you never needed it over the pandemic? They going into investigate thousands of individual cases up an down the U.K. how bigs the new task force haha!
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I think they'll go after the people who claimed the 4th grant. The first 3 were pretty loosely worded, "been effected in some way" etc. 4th one was very clear, your profits need to be lower than previous year, so if they weren't then you haven't got a leg to stand on. Then they'll go after you for the first 3 too
 
SmoothCriminal said:
I know of people who took mega bounce back loads an are not intending on paying them back! £30/50K I’m sure hmrc will have there hands full chasing these guys before they look into a local plasterer who earns under 30k a year. Grant wise, was it £7500 capped.. how they going to prove you never needed it over the pandemic? They going into investigate thousands of individual cases up an down the U.K. how bigs the new task force haha!
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Bounce back loans are nothing to do with HMRC, so they won't be investigating them.

Most tax investigations are generated by computer initially. Average figures exist for all business types, anything outside that flags up. The previous few (usually five) years returns for that company/person are then brought up for comparison. If things looks different a case is opened and a request for the company/person to provide all financial information is made. If it's not supplied, it's incomplete, or there are anomalies in it then they issue a demand for a sum they think is correct and it's up to the company/person to prove it's wrong. If they can't then they owe that money.

The task force only get involved at the point an individual company/person have to account for the differences. They basically deal with the paperwork and preparation for the court case if the answers aren't forthcoming. (haha!)
 
imago said:
Bounce back loans are nothing to do with HMRC, so they won't be investigating them.

Most tax investigations are generated by computer initially. Average figures exist for all business types, anything outside that flags up. The previous few (usually five) years returns for that company/person are then brought up for comparison. If things looks different a case is opened and a request for the company/person to provide all financial information is made. If it's not supplied, it's incomplete, or there are anomalies in it then they issue a demand for a sum they think is correct and it's up to the company/person to prove it's wrong. If they can't then they owe that money.

The task force only get involved at the point an individual company/person have to account for the differences. They basically deal with the paperwork and preparation for the court case if the answers aren't forthcoming. (haha!)
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Get a life
 
imago said:
Bounce back loans are nothing to do with HMRC, so they won't be investigating them.

Most tax investigations are generated by computer initially. Average figures exist for all business types, anything outside that flags up. The previous few (usually five) years returns for that company/person are then brought up for comparison. If things looks different a case is opened and a request for the company/person to provide all financial information is made. If it's not supplied, it's incomplete, or there are anomalies in it then they issue a demand for a sum they think is correct and it's up to the company/person to prove it's wrong. If they can't then they owe that money.

The task force only get involved at the point an individual company/person have to account for the differences. They basically deal with the paperwork and preparation for the court case if the answers aren't forthcoming. (haha!)
Click to expand...
Ah right ok. So if you’ve been in business for 5 years or so..hmrc expect you to be making the same as the business who’s say been established for 10 plus years? Most guys are starting business run for 3/5 years an closing down an start up again.
 
imago said:
I didn't have any grants as not eligible, but the accountant said that I should make sure my tax investigation insurance is up to date as HMRC have set up a dedicated task force to check 'anomalies'.

They're going to be sending investigation letters out over the next 12 months and if you haven't got the insurance it's going to be an expensive exercise proving you don't owe anything. If you can't prove it you need to make sure your unused 'Bolivia fund' credit card is available or it's time to lube up.

Happy Shawshank Redemption GIF
Click to expand...
Your accountant is also daft.
 
SmoothCriminal said:
Ah right ok. So if you’ve been in business for 5 years or so..hmrc expect you to be making the same as the business who’s say been established for 10 plus years? Most guys are starting business run for 3/5 years an closing down an start up again.
Click to expand...
HMRC's expectations are a mystery to anyone trying to use common sense. They literally make it up as they go along, including pulling figures out of the air.
 
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