An issue that has always intrigued me is where a taxpayer’s responsibilities lie if they realise that they submitted a return which contains an error that resulted in an understatement of tax. I’m not thinking about evasion but carelessness such as failing to add back depreciation or accidentally double counting an expense. If the error is spotted after the time limit for submitting an amended return what should a taxpayer do? I recall several years ago being asked that question by a client in precisely that situation. I discussed my professional obligations under PCRT but the client wanted to see the section of the Taxes Act which imposed an obligation on him to disclose. There isn’t one. There can be penalty consequences for not doing so and potential problems with the anti-money laundering regime but those are not the same thing.
This led to what I thought was an...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
