Member CB.Dip PM.Dip
Hi...looking for some advice from any fellow bookkeeper who has dealt with anything similar....
I have just started working with a sole trader (mechanic), who to date has had a bookkeeper that has supposed to be taking care of self ass., VAT and PAYE, it turns out none of the aforementioned has been submitted or prepared for that matter for the past year, to top it off he is also subject to a Tax enquiry for the tax year 2008-09. I have taken this on to try and help untangle the current situation, and now have been asked to help with the previous tax years' enquiry. The HMRC compliane officer is asking for a Statement of Assets, I am assuming that this would just be a balance sheet for the business, or do we take into account what the individual owns, i.e personal property, etc. Given that no capital allowances have been recorded for the past four years, due to the incompetence of the previous bookkeeper, then I am pretty much starting from scratch here...I am also assuming that the value of such assets would be recorded as current market value? Any clarification on this would be really appreciated.