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  • 1,500+ Business Documents - Amending a personal tax return letter
    Amending a personal tax return letterYou are entitled to amend entries on your personal self-assessment tax return within the "amendment window". Where you completed and submitted your return electronically either using HMRC's or commercial software, you can use it to make amendments. However, where you submitted a return in paper format you will need to write to HMRC with details of the corrections. tax return amendment windowThere are different time limits in which an amendment can be made:where the orginal...
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  • 1,500+ Business Documents - Self-employed pages review
    Self-employed pages reviewBefore filing a tax return it's a good idea to carry out last minute health checks with a view to reducing the chance of it being selected for an enquiry. This is especially important if you are self-employed. Check your answersBefore submitting any return you should compare all your answers with a copy of last year's return. Satisfy yourself that you can explain any variances in the figures and if these are substantial, write an explanation in the "additional information" box (otherwise...
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  • 1,500+ Business Documents - How to amend a tax return
    What happens at the end of an enquiry?If the Taxman finds nothing wrong with your return, he should advise you of this and write to say so (in a closure notice). That is then the end of the matter. If he considers that there's something wrong, but does not think you have been negligent, he will normally write asking you to make an amendment to it; this has to be done within 30 days of his notification. How do you do this?
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  • 1,500+ Business Documents - Reviewing your tax return before filing
    Reviewing your tax return before filingBefore filing your tax return, it's a good idea to carry out health checks on it with a view to reducing the chances of being selected for an enquiry.
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  • 1,500+ Business Documents - Annual certificate of interest
    Annual certificate of interestIf your company pays you interest for lending it money, it must deduct income tax first and provide you with a certificate to show this.certificateThe interest can be paid or credited to the director's loan account on a regular basis to be drawn against later. Generally, the company has to deduct income tax at the rate of 20% from interest paid to the director. The company has to tell HMRC how much interest it has paid each quarter (using a Form CT61) and pay over any tax deducted....
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  • 1,500+ Business Documents - Wastage losses record
    Wastage/losses recordHMRC typically uses a mark-up of purchases to selling price to construct an anticipated sales figure. However, this doesn't generally allow for wastage/write-offs. So what simple records could you keep about "wastage"?Wasted stockProduct losses can take many forms: discounts and other price reductions made to specific groups of customers or in response to competition; special offers; annual sales; scrappage of stock; wastage arising from spillage, breakage, processing, perishables or inexperience;...
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