Self assessment errors

  • Thread starter Italy Anonymous Remailer
  • Start date

I

Italy Anonymous Remailer

I've spotted a host of errors in an old self assessment tax return. I don't
run a business but have overseas stock holdings. The errors are significant -
about 4-7K of unpaid tax.

How vicious are the IR if you voluntarily disclose errors? I know you get a
reduction in the penalty, but are you treated any better or do they still
assume you're a criminal unless you can show otherwise?
 
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D

Doug Ramage

Italy Anonymous Remailer said:
I've spotted a host of errors in an old self assessment tax return. I don't
run a business but have overseas stock holdings. The errors are significant -
about 4-7K of unpaid tax.

How vicious are the IR if you voluntarily disclose errors? I know you get a
reduction in the penalty, but are you treated any better or do they still
assume you're a criminal unless you can show otherwise?
The sooner you pay the missing tax the less you interest you will accrue,
and, possibly a lighter penalty.

Did the overseas dividends have any tax deducted in their country of origin?
If so, have you taken this into account?
 
A

A.Melon

Doug Ramage said:
The sooner you pay the missing tax the less you interest you will accrue,
and, possibly a lighter penalty.

Did the overseas dividends have any tax deducted in their country of origin?
If so, have you taken this into account?
I have - it's more than just dividends, unfortunately. I was moving back from
another country to the UK and have managed to not declare some interest income,
misdeclare some CGT, etc.

I know I'm going to have to sort this out, but was just wondering how the IR
treat people who voluntarily disclose their errors. Sure, you get a 30%
reduction on the penalty. I've heard the experience of an investigation is
very unpleasant. Is it any better if you're the one pointing out your errors
to the IR than if they find them for you?
 
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P

Peter Saxton

I have - it's more than just dividends, unfortunately. I was moving back from
another country to the UK and have managed to not declare some interest income,
misdeclare some CGT, etc.

I know I'm going to have to sort this out, but was just wondering how the IR
treat people who voluntarily disclose their errors. Sure, you get a 30%
reduction on the penalty. I've heard the experience of an investigation is
very unpleasant. Is it any better if you're the one pointing out your errors
to the IR than if they find them for you?
Yes
 

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