please help me!!!!I hope someone can advise me and put me out of my misery. (and make me sleep again)
Firstly, i accept i am an idiot before anyone tells me so!!! but i really need some advice as to what is the best step now, to take.
here goes
i started up in business about 5 years ago inthe construction industry as a sub contractor. I have been subbing to the same company for pretty much the same time.
originally i had my own van tools fuel etc etc that i could and did claim for, but for the past 2 years they let me use their van and a fuel card. I, however, still put through any receipts i could get my hands on for fuel and vehicle parts/costs in order to get a tax rebate.
I have also done a few cash jobs and not put these through the books, although i did put receipts in for the materials used. (these could , questionably, be accounted for in my subbing jobs.)
i have never had a business bank account and have three private accounts. One in which the company pays me, then it gets taken out in full and is transfered into my home/bills account. i then transfer a hundred or so into my debit account if i need to buy anything for work, ie, food, tools parts for jobs etc as well as personal items not linked to buisness.
I occasionally buy things on the internet for work purposes and these have come out of the 'bills' account, so now, this is classed as my busness account.
I filled in my tax return online and, 2008/09. I am useless at keeping things organised and all receipts get thrown into a box til the end of the year and half way through i got fed up and just put a figure into the computer that i thought was about right, and thought it would be ok. I got a rebate of a couple of thousand pounds.
I pretty much based the next year on the same amount as i had earned roughly the same.
This year, however, i have been much more organised and decided to log everything down properly, as it was getting me down, I felt really good about it all and then i got a leter dropped through my door the other day from HMRC!!! they are doing a check of my accounts and want a full breakdown.
they have asked
1. whether any estimated figures were used and if so why.
2. Are there any unsupported entries and if so why
3. details of any other monies received ie, gifts, loans etc.
they want to see
1. invoices books records for the turnover, which i do have.
2. breakdown and receipts/bills in support of expenses
3. bank / building society statements etc. used for business purposes
4. credit card statements for any business use
i really am up the preverbial!!
my statements show the company payments, which is fine.
it also shows money and standing orders to family for savings etc. children £50 and £30 per month.
i had for about 8 months £250 per month into my sisters account for savings (she lived with me and it was more because i was crap at managing my money and she would transfer it back throughout the months when i asked for it.)
about 8 large, ish sums were deposited, sold a caravan and a few bits which total £6000, the highest being £2000 and the lowest being £50.
I want to hold my hands up and say, look i fiddled the books, put it right!! what will they do?
i am gutted, especially as this was my , good year' and i had mended my bookkeeping ways.
any positive advice is greatly appreciated please.
any negative, well, i deserve it
so , knock yourself out!
