Avoid being spooked by Phantom returns

/ Quarterly Updates
AIMS Accountants for Business - documents 1

We came across an interesting article in AccountingWeb recently, talking about HMRC who were having problems because more and more self-assessments were being submitted, not as returns, but as amendments!

This meant that when HMRC tried to match the amendment to the existing return, they weren’t able to do so, As no original return had been submitted – which caused confusion for HMRC, accountants and their clients as well.

How does this happen?

The reasons given varied from accountants using old software, to quirks cause by marriage tax relief where claims had not been completed by the relevant spouse. It also happens on occasion in error if the applicant ticked the wrong box on the form!

What can be done to prevent it?

There’s no single solution, but one thing can be sure to help – having an accountant who is qualified, and that you can speak directly to. So in the event of an issue, they can speak to HMRC to quickly resolve it and keep you informed.

For a no obligation meeting at a location of your choice, get in touch and discover how becoming an AIMS client could be the best business decision you make.