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What action should be taken if overlap profits have not been recorded?
A year or two ago I started to act for a self-employed individual. He has recently accepted an offer of employment and intends to cease self-employment at the end of December and will start his new job in January.
Coincidentally his business accounts are prepared to 31 December. The problem is that despite my best efforts I have been unable to obtain details of the overlap profit from his previous accountant. It seems that this has never been included on his self-assessment tax returns. To compound the problem HMRC has been unable to provide this information.
Can readers offer any advice on what I should do? Should I simply ignore the relief or can I estimate it? If so how?
Query 18 907 – Relapsed.
Reply by Postscript
Without an understanding of the history of the business accounts it would be...
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