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Post Info TOPIC: Do I need to amend tax return


Master Book-keeper

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Posts: 3786
Date:
Do I need to amend tax return


Just doing a 20-21 tax return and realised I didn't depreciate a vehicle on the 19-20 return. Should I amend the tax return to match? Obviously there is no tax loss/gain in doing so.

Secondly, is claiming capex if profit is below tax threshold voluntary for the same year. This year he's (just) over tax threshold. If I apply capex to last year it will reduce profit from 2k to 0.7k, which will impact on grant 4 of the SEISS (which is another can of worms as his profit for 20/21 is significantly higher than 19/20, albeit he was having cancer treatment in 19/20 and he didn't work for 5 months of the year.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Guru

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Date:

Hi John

I probably would not worry with amending because of the depreciation, as you say no tax loss or gain, i take it as you mention SEISS this is a sole trader so no need to submit the B/S anyway.

With CA it is up to the client (with your advice) whether they choose to claim or not in the year, AIA can only be claimed in the year of purchase but the WDA can be whatever you choose up to the maximum pool rates.



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Master Book-keeper

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Posts: 3786
Date:

That's great, thanks Doug

Yes, sole trader. I was fairly sure that was the case re WDA but its been a while since I had a similar case.



__________________

John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.

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