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opening/closing stock records


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Hi Josh,

 

If you intend to consult a tax specialist, NOW is the time to do it so you can tell them about the stock purchase error. They will advise you how to proceed.

 

If you do NOT intend to use a specialist, your next job is to write to HMRC asap.

 

Tell us your intention so we can draft a letter for you if necessary. It's v important that you tell HMRC before they spot the error and come to you about it.

 

Also, please tell us any reason you have for this error being made so we can include this if necessary.

 

:-)

 

Hi

 

i have reordered a setup of bank statements from my bank to double check this again, when this payment went out.

 

from what i can remember it was just over my accounting period possibly 14th april.

 

if this is the case, it would bring my profit figure higher although below the peronal tax allowance so no tax would be due but i would probably be facing a penalty? is this right?

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I still believe that no accountant would advise you as claimed so i take this as a simple misunderstanding. You should perhaps let the person know about this and your efforts to try and recify the known errors (get your 2016/17 figures done so the 2 years can be looked at together.) and do a stocktake and chaeck that against your purchase invoices and sales. They will be quite accepting if things actually add up at some point that can be clearly identified.

 

this is the advice given by several accountants i have asked. not just one.

 

you declare it as an expense in one year, if some of that stock is left over and sold in following tax year you cant declare it again as its already been accounted for, i still have this stock in hand....which will be sold off in the following year affecting my revenue and profits in that year....it will eventually balance it self out in the end and i will be paying the right amount of tax i need to on my profits.

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I don't know why Ericsbrother is still talking about a stocktake. The only issue is that you may have claimed an expense in 2015/16 when it was actually incurred in 2016/17.

 

I also take issue with the comments, "You should perhaps let the person know about this and your efforts to try and rectify the known errors ........ " The error HAS to be declared asap !!

 

Hi Josh,

 

Please confirm the approx net profit reported to HMRC in your return to 5th April 2016.

 

Please also confirm if your business accounts are made up to 5th April each year, or a different date.

 

Too early yet to discuss any possible penalty HMRC may seek to charge. However, if you do not owe any tax in 2015/16 AFTER taking off the £1,900 wrongly claimed, that will likely be in your favour.

 

I want you to do whatever you need ASAP, to get confirmation about whether you have mis-declared the expense in 2015/16 instead of 2016/17.

 

Nothing else matters for now - tell us when you know for sure.

 

:-)

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as an expense yes but on the opposite side of your balance sheet it is an asset that must be accounted for at the end of year. It then reappears on the next year's accounts in the same way as your opening stock to be sold and turned into cash or stays as a liquid asset. It is simple double entry bookeeping.

If you buy £1000 worth of stock, sell it for £2000 and then invest the whole amount in new stock you havent bought £3000 worth of stock to write off againt tax. You have costs of £1000 sales of £2000 and assets of £2000 to carry forward. Your allowable expenditure is £2000 and your gross profit is £1000 but that is not taxable as it is not net of cost so your taxable profit will be zero. Next year you would start with £2000 of stock and if you sell all of that at the same rate as before your taxable profit is £4000 because the stock was allowed for the previous year. That is why I say you need to keep record of your stock and make a best estimate of what you had at the end of the last tax year.

You can claim the cost of the lost shipment as a cost so that will reduce your tax liability as it will be a cost of sales that is allowable.

I should have phrased the "perhaps" better but didnt want to cause a panic as you are obviously worried enough already

.

this is the advice given by several accountants i have asked. not just one.

 

you declare it as an expense in one year, if some of that stock is left over and sold in following tax year you cant declare it again as its already been accounted for, i still have this stock in hand....which will be sold off in the following year affecting my revenue and profits in that year....it will eventually balance it self out in the end and i will be paying the right amount of tax i need to on my profits.

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I don't know why Ericsbrother is still talking about a stocktake. The only issue is that you may have claimed an expense in 2015/16 when it was actually incurred in 2016/17.

 

I also take issue with the comments, "You should perhaps let the person know about this and your efforts to try and rectify the known errors ........ " The error HAS to be declared asap !!

 

Hi Josh,

 

Please confirm the approx net profit reported to HMRC in your return to 5th April 2016.

 

Please also confirm if your business accounts are made up to 5th April each year, or a different date.

 

Too early yet to discuss any possible penalty HMRC may seek to charge. However, if you do not owe any tax in 2015/16 AFTER taking off the £1,900 wrongly claimed, that will likely be in your favour.

 

I want you to do whatever you need ASAP, to get confirmation about whether you have mis-declared the expense in 2015/16 instead of 2016/17.

 

Nothing else matters for now - tell us when you know for sure.

 

:-)

 

hi i need to double check on my statements i think i may have got it wrong and it went out in march (just before the tax year ended.) im wiating for my statements now.

 

reported was 6k

accontsa made up to 3rd april 15 - 3rd april 16 (just about in line with tax year)

 

If i dont use an advisor, (i cant afford one, last one qouted me £500), cant i just state this to the officer responsible he seems like a reasonable guy whos been very helpful so far. The leaflets also state that i can just tell the officer as soon as i know something is wrong.

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falso alram guys, im pretty certain it went out on the right time and falls within the 15/16 tax year. i will double check on my statement when i get them but i have managed to check an alternative way.

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Please EB, there IS no balance sheet, there's no stocktake, no opening and no closing figures. Accounting is done on a cash basis and this is perfectly acceptable. No double entry bookkeeping either.

 

The only thing you mention that's relevant to this case is the lost shipment. If that resulted in reduced income or a refund to the buyer, that should be reflected in Josh's tax records.

 

On a different note, Josh should have looked to the courier to compensate account for anything NOT delivered as required.

 

You're not being helpful to this thread IMHO. :sad:

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Please EB, there IS no balance sheet, there's no stocktake, no opening and no closing figures. Accounting is done on a cash basis and this is perfectly acceptable. No double entry bookkeeping either.

 

The only thing you mention that's relevant to this case is the lost shipment. If that resulted in reduced income or a refund to the buyer, that should be reflected in Josh's tax records.

 

On a different note, Josh should have looked to the courier to compensate account for anything NOT delivered as required.

 

You're not being helpful to this thread IMHO. :sad:

 

the shipment was uninsured hence i couldnt claim any compensation on it.

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Josh, If you paid someone to deliver an item and it wasn't delivered, you should have claimed against the courier regardless of insurance.

 

However, we have more important issues to deal with now ................

 

:-)

We could do with some help from you

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                                            Have we helped you ...?  Please Donate button to the Consumer Action Group

 

Please give something if you can. We all give our time free of charge but the site has bills to pay.

 

Thanks !:-)

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