Amended Return - Declaring Higher Income

[Mary_Ke]

Hi everyone,

 

I'm a sole trader and would like to file an amended return for the tax year 2012-2013. I know I still have time but the problem is I want to declare much higher income than I stated originally on the form, and I worry that I will have to face an enquiry if I do so. I have no idea what I was thinking when I was filing the original return. I haven't earned much that year, maybe £9100 in total but I declared I made £6,500! I somehow forgot to include income from one of my only two clients and I have no real excuse. I might have one but it won't be sufficient, if anything it'll be pathetic. I remember not even declaring any costs because I thought what the heck I haven't earned much, I won't have to pay tax so why bother including the costs of running my business (roughly £300). I do want to declare it but I'm scared. I've already spoken to TaxAid in June but I wasn't able to meet with them because I'm currently abroad and undergoing medical tests. I might be able to come back to the UK in September.

 

What I should expect? Will my amendment raise suspicion? Will they want to check all previous years? The reason I worry so much it's because I can't handle any stress right now and an enquiry would cost me a lot of money.

 

I'd appreciate any advice or if you guys could share your experiences.

 

Thanks a lot!

[rebel11]

Hi Mary_Ke

 

Welcome to CAG

 

I think the best thing might be to get an accountant to help you with the declaration, they know the best way to approach these matters, fully explain the circumstances to the accountant also ask them if you can get insurance that you can get with regards to HMRC investigations.

[ericsbrother]

it is still below the tax threshold so unless you have other UK income it wont really raise much interest.