This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Amend self assessment

UKtrader
Posts:13
Joined:Sat Sep 16, 2017 9:20 pm
Amend self assessment

Postby UKtrader » Sat Sep 16, 2017 9:45 pm

Dear Sir Madam

Last year HMRC VAT department contacted me to inform me that I should be VAT registered business as I went over the threshold four years ago, I was not aware about it I was clueless I thought VAT is for big businesses I am just a sole trader I never heard about the threshold. I had to pay £30000 plus penalties to HMRC to cover what I owed of VAT, unfortunately I made a loss paying this amount as I was in deficit.
As far as I know 20% tax and 9 % class 4 NIC are applied only on net profit after deducting all costs (Tax allowance, stock and all business expenses)
My questions is the £30000 payed to VAT should not be included in my self assessment as profit ? unfortunately I did include this amount. Could you please advise me how to recover the amount that I should not include as profit. Your help is very appreciated

Return to “Tax Investigations and Enquiries”