Provisional entries on tax returns
March 26th, 2009
Provisional figures on a tax return are those you intend to revise once you have the correct information. But try to notify the taxman of the correct figures within 12 months of filing the return. If you do not, then the taxman can decide that there has been an ‘unreasonable delay’ in making the corrections and can charge a penalty possibly up to the level of any additional tax available. Alternatively he can take it as an invitation to investigate the affairs of the business or individual on the grounds that they must be hiding something!
The content of this article is for general information only. It should not be relied on and action which could affect your business or personal circumstances should not be taken without appropriate professional advice.
Articles by month
- April 2013
- February 2013
- June 2012
- May 2012
- April 2012
- March 2012
- November 2011
- March 2011
- January 2011
- November 2010
- June 2010
- April 2010