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Hi
Iam a 56 yr old Carpenter happily winding down toward a house sale and retirement.
Whilst I confess to being useless with tax affairs I have never owed a penny and have always trusted my accountant to keep thing so. My annual trip to the accountants has been very traumatic, the result, in short, is due to a spike in my turnover during the last years accounts (one client whose works are complete, that I managed a project for and paid the suppliers).
My taxable income (47k) is less than last year incidentally and my personal tax is due a rebate for the first time ever. Since the end of Dec, I have had no work, though it’s due to start up again mid Feb. My accountant has informed the Vat office I should have been registered since March and the result is she says I owe them £9200!!
They were private clients who obviously aren’t Vat registered, works are complete, I have very little work, and I have to pay this amount, leaving me with no cash flow, and then some! No doubt I’ll be able to de reg next quarter.
I can’t believe how unfair this is, for the first time in many years I’d put some money back deliberately to settle a small finance and I have to
lose it all.
I really do understand those that say I should have known, god knows I’m beating myself up over it, but I just cracked on, happy to be busy for once, and happily organising everything. At worst I’ve made a mistake, though the punishment is beyond reasonable in my opinion.
20% on my Labour for what???
corporate tax gladly paid again in full, personal tax refund, and a restriction to trade now with 20% on my Labour, for nothing extra.
I have been working hard for 36 yrs in the trade and I’m broken.Is there ANYTHING that can be done?
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