Self Assessment and VAT

RedPen

I'm a sole trader of a small business and I'm looking for a forum where I can pose questions on VAT and self assessment.
I can't find the answers using the well known search engine.
For example: Over a few years I've forgotten to include an expense when collecting figures for my self assessment - what should I do?

J_B

Presumably (?) you have an accountant - could you ask them?

RedPen

I sometimes I like to have the answer more immediately so was wondering what reliable resources are on the net. Doesn’t an accountant charge every time you ask a question?

Grumpy_chap

RedPen said:

Doesn’t an accountant charge every time you ask a question?

What is in the terms of engagement for your Accountant?

RedPen

Good question. I don’t know. 

I do my own self assessment and VAT. It’s not too complicated and makes me really get to know my business on an extra level. 

Phil&Michelle

You could try UK business forums, they have a section on accounting. I'm no expert but I would think you could either make an adjustment to previous years tax return or book on the forgotten expense for this trading year with supporting documentation in case of inspection, as I said I'm not an expert just thinking logically.

martindow

A fw years ago I had a similar situation where I had missed an expense which I noticed long after the end of the tax year.

I decided to leave well alone after several people suggested that making adjustments after the end of the tax year could act as a flag that could trigger a tax inspection.  I've no idea if this is an urban myth or not, but I decided I would rather not risk that for a relatively small adjustment.