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Self Assessment - Help Appreciated
MDG
Posts: 10 Forumite
in Cutting tax
Good Morning,
Back in 2013/2014 I set-up as LTD company of which I was the sole director. I started my own business after the company I previously worked for went into administration. Unfortunately, as a !!!!-sure 19 year old I was adamanet I could do everything far better than my previous employers on a shoe-string budget... That didn't quite work out.
The business lost money right from the get-go and I decided to call it a day around 12 months in and found employment quickly.
Regretfully, I buried my head in the sand at this point, part-ego part - lack of understanding I guess but never did fill out the self assessment form for that period. HMRC sent me numerous letters (Which I ignored) threatning that if I didn't fill the form in there would be penalties etc to which I wrongfully ignored.
One letter I remember receiving mentioned they would adjust my tax code to which they have for the past 3-4 years so my tax-free allowance stands at circa £5000, significantly below the current full allowance.
My question is, I clearly do need to retrospectively fill in this self assessment form to rectify the situation and get back on track. However, would I have any possiblitiey of being able to claim for the amount I've lost out on through the allowance being cut?
Any advice much appreciated and I've grown up now so fully aware that the tax man unfortunately does not go away...:o
Back in 2013/2014 I set-up as LTD company of which I was the sole director. I started my own business after the company I previously worked for went into administration. Unfortunately, as a !!!!-sure 19 year old I was adamanet I could do everything far better than my previous employers on a shoe-string budget... That didn't quite work out.
The business lost money right from the get-go and I decided to call it a day around 12 months in and found employment quickly.
Regretfully, I buried my head in the sand at this point, part-ego part - lack of understanding I guess but never did fill out the self assessment form for that period. HMRC sent me numerous letters (Which I ignored) threatning that if I didn't fill the form in there would be penalties etc to which I wrongfully ignored.
One letter I remember receiving mentioned they would adjust my tax code to which they have for the past 3-4 years so my tax-free allowance stands at circa £5000, significantly below the current full allowance.
My question is, I clearly do need to retrospectively fill in this self assessment form to rectify the situation and get back on track. However, would I have any possiblitiey of being able to claim for the amount I've lost out on through the allowance being cut?
Any advice much appreciated and I've grown up now so fully aware that the tax man unfortunately does not go away...:o
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