Self Assessment - Help Appreciated
Discussion
Back in 2013/2014 I set-up as LTD company of which I was the sole director. I started my own business after the company I previously worked for went into administration. Unfortunately, as an overly confident 19 year old I was adamant I could do everything far better than my previous employers on a shoe-string budget... That didn't quite work out.
The business lost money right from the get-go and I decided to call it a day around 12 months in and found employment quickly.
Regretfully, I buried my head in the sand at this point, part-ego part - lack of understanding I guess but never did fill out the self assessment form for that period. HMRC sent me numerous letters (Which I ignored) threatening that if I didn't fill the form in there would be penalties etc to which I wrongfully ignored.
One letter I remember receiving mentioned they would adjust my tax code to which they have for the past 3-4 years so my tax-free allowance stands at circa £5000, significantly below the current full allowance.
My question is, I clearly do need to retrospectively fill in this self assessment form to rectify the situation and get back on track. However, would I have any possibility of being able to claim for the amount I've lost out on through the allowance being cut?
Any advice much appreciated and I've grown up now so fully aware that the tax man unfortunately does not go away...
The business lost money right from the get-go and I decided to call it a day around 12 months in and found employment quickly.
Regretfully, I buried my head in the sand at this point, part-ego part - lack of understanding I guess but never did fill out the self assessment form for that period. HMRC sent me numerous letters (Which I ignored) threatening that if I didn't fill the form in there would be penalties etc to which I wrongfully ignored.
One letter I remember receiving mentioned they would adjust my tax code to which they have for the past 3-4 years so my tax-free allowance stands at circa £5000, significantly below the current full allowance.
My question is, I clearly do need to retrospectively fill in this self assessment form to rectify the situation and get back on track. However, would I have any possibility of being able to claim for the amount I've lost out on through the allowance being cut?
Any advice much appreciated and I've grown up now so fully aware that the tax man unfortunately does not go away...
What are we talking about here? Your personal Income Tax return or the company's Corporation Tax return?
And what's the real issue? That the company made no money, or that the company paid its "sole director" but never paid anyone else - including HMRC?
HMRC don't give a toss about people and companies going bust, but they get very cross if people or companies go bust without paying their taxes.
http://www.itcontracting.com/corporation-tax-a-con...
And what's the real issue? That the company made no money, or that the company paid its "sole director" but never paid anyone else - including HMRC?
HMRC don't give a toss about people and companies going bust, but they get very cross if people or companies go bust without paying their taxes.
http://www.itcontracting.com/corporation-tax-a-con...
The best way to deal with this would be to speak to a good accountant and let them handle it. You are probably looking at a small bill but they will sort it out for you in the best possible way. I would avoid trying to DIY unless its a very very simple case of you owe £n and you are happy to pay it. If its a case of you have no idea where you even stand then I would go to a pro.
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