Hi
I recieved the dreaded letter in the door this morning regarding revenue wanting to audit a particular year 2009 for taxes and duties.
The trouble is in 2008 i over declared my income for purposes of mortgage approval ((silly i now but desparate at the time)) using a much larger quantity of closing stock.
Therefore 2009 accounts showed a silly figure where i made a loss based on sales to purchases indifferences and opening stock.
All duites on imports were paid at point of entry and vat was paid on time but my 2009 end of year looked rediculous to say the least.
Will i be punished for Over declaring on my tax form?
Any help would be gratefully accepted.
I recieved the dreaded letter in the door this morning regarding revenue wanting to audit a particular year 2009 for taxes and duties.
The trouble is in 2008 i over declared my income for purposes of mortgage approval ((silly i now but desparate at the time)) using a much larger quantity of closing stock.
Therefore 2009 accounts showed a silly figure where i made a loss based on sales to purchases indifferences and opening stock.
All duites on imports were paid at point of entry and vat was paid on time but my 2009 end of year looked rediculous to say the least.
Will i be punished for Over declaring on my tax form?
Any help would be gratefully accepted.