Not able to give HMRC the document

ismail1980

Hi everyone
What happens when you put estimated figures in self assessment form because you can not get the documents to provide exact figures? What HMRC will do in this case when you are not able to provide required documents?
Thanks for advice

uknick

What figures/documents are you talking about?

ismail1980

Income and expenditure figures. I am 90% confident of this estimated figures but can not produce documents (receipts) to back it up. What HMRC will do if I do not have those documents?

Pennywise

ismail1980 wrote: »

Income and expenditure figures. I am 90% confident of this estimated figures but can not produce documents (receipts) to back it up. What HMRC will do if I do not have those documents?

Yes, but which documents are missing? Surely you're not saying you've nothing at all? You must have something. You can get copies of documents like bank statements and credit card statements from the bank. You can get copies of major purchase/supplier invoices from whoever sold you the bigger items. If you've bought or sold online, there'll be emails you can use.

If you've really got nothing or very little, HMRC may well just raise an assessment based on what they think you would have earned and without any paperwork to prove otherwise, you've really no option but to pay what they ask. They may also fine you on top as failing to keep proper records is an offence that carries a fine.

You really are best to do whatever it takes to reconstruct your records. Then just fill in whatever gaps are left. Just estimating it all will not end with a happy outcome for you - they could well take you to the cleaners!

ismail1980

Pennywise wrote: »

Yes, but which documents are missing? Surely you're not saying you've nothing at all? You must have something. You can get copies of documents like bank statements and credit card statements from the bank. You can get copies of major purchase/supplier invoices from whoever sold you the bigger items. If you've bought or sold online, there'll be emails you can use.

If you've really got nothing or very little, HMRC may well just raise an assessment based on what they think you would have earned and without any paperwork to prove otherwise, you've really no option but to pay what they ask. They may also fine you on top as failing to keep proper records is an offence that carries a fine.

You really are best to do whatever it takes to reconstruct your records. Then just fill in whatever gaps are left. Just estimating it all will not end with a happy outcome for you - they could well take you to the cleaners!

Thanks so much for your advice. I had all records in laptop which was destroyed, main supplier is out of business and paypal account is closed because I no longer trade. PayPal said once account is closed records are not accessible.

ismail1980

Opps I do have some emails left. Thanks

agrinnall

But of course you will have backed up your data onto at least 2 other devices because it would be irresponsible not to do so with vital business records.