-I stopped trading recently ( officially) but to be honest I have done so little work for the past few years I have lost money. The issue is I recently moved house and have lost the box that had all of my business records in and now I cant fill any tax returns. I had failed to fill in any for the past few years due to relationship problems as well as knowing the business was failing. I sort of stuck my head in the ground but it has now all come on top.
I managed to live on the tax credits we got which was actually less than we would have got from JSA but I kept trying to make the business work.
I dont know what to do now as I cant fill in the tax return for self assessment as I dont have ANY details of my earnings. I dont want to get into any more trouble but simply feel lost now.
can anyone advise on how I can make this mess better. I dont want the tax office to see me as someone trying to fiddle things as that really is not the case, I really earned nothing virtually for the past few years just managed to struggle by on tax credits.Submit estimated figures, there is a box to tick to show they are estimated. Put in your best estimate. Then go back over and think about each figure and work out the best way to refine those figures.
Then hope HMRC does not call on you for a review.
We are used to people losing records - sad truth that failing companies fall apart.You've not filled them in for a few years - laziness or avoidance, now you're looking for a way out. You WILL have to do it, and if you can't won't the HMRC will estimate you've made the same as comparable businesses in your area. Bankruptcy won't make tax debts go away, you're in a lot of trouble of your own making. Can't say I have any sympathy for you.
You've left out a lot of info...
Ultimately, you may have to file for bankruptcy... You need to find that paperwork or obtain duplicate invoices from suppliers etc and hope that you can claw enough evidence together to convince HMRC.
It's one thing to assert that you made nothing, quite another to prove it.
Good luck with it though and by the sounds of things, you are avoinding bankruptcy... In some cases it can be a godsend.
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