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The 2006 exercise will start shortly and the Revenue will be sending
several thousand letters to taxpayers resident in the South
Yorkshire Area with an annual turnover of up to £150,000. If a
letter is to be issued to any of Atkinson's clients as noted on their
database, we will receive a copy some 4 days in advance of the
letter being sent to you.
The Revenue again stress that these letters neither open a formal
enquiry into your 2005 Return(s) nor do they necessarily
mean there is anything wrong. They merely serve the purpose of
highlighting areas where, in their experience, errors have been
found in calculating the figures of profit, to avoid erroneous
claims being made in 2006 Returns and so reduce the numbers
of enquirieS.
Selection is made, as in previous years, by the use of pre-
identified criteria based upon Standard Accounts Information
(SAI), details of which we are unaware. We are again informed
that any comments made in the "Additional notes" or "white
space" on your 2005 Return do not fall within the selection
criteria. However, if the Revenue have concerns following receipt of your
2006 Return, they would follow their usual enquiry selection
process and review such entries before opening an enquiry
Should you wish to discuss this exercise please telephone Stuart Atkinson
on
the number shown below.
Changes to 2006 Partnership Return SAI
A major change in completing the SAI for partnerships where you
do not have accounts ending in 2005-006, is that you are now
required io provide details of ihe partnership's income and
expenses for the period from 6 April 2005, or commencement, up
to 5 April 2006 and also enter the appropriate dates in boxes 3.4
and 3.5 Please refer to the Partnership Tax Return Guide, page
7 right hand column "If no accounts end in 2005-06"
Please note that when completing this form it is not sufficient to
merely show the balance at the year-end that has been repaid by
the director(s) against their overdrawn loan account, as we also
require to know the date the amount(s) was repaid. Failure could
lead to the opening of an enquiry.
If you feel you may have a problem with anything in this notification
and wish to discuss it call Stuart Atkinson on 01482 226791
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