I am not sure if I will still be allowed claim this and would like your 
advice.

I have been self employed for 19 years with a year end for all this time of 
30 June.

In the late 90s I like everyone else at the time changed over from having my 
tax assessed on a Prior Year Basis (PYB) to a Current Year Basis (CYB).

I have now ceased trading.

On reading an old tax book I have read that I may be entitled under 
transitional rules for the profits in 1997/98 that fall before 6 April 1997 
to have these treated as overlap profits which can be deducted in the year 
of cessation.

My calculation of these overlap profits is as follows:
1997/98 (CYB)
YE 30/06/1997                    =    £15000

Overlap Profits:
01/07/1996 - 30/06/1997

1997/98
01/07/1996 - 05/04/1997
279/365days x £15000       =     £11465

I therefore wish to Deduct overlap relief used this year of £11465 to reduce 
my final period profit.

My question is and sorry for taking so long to get to my point is this - I 
have not been completing the two boxes on my previous tax returns with the 
Overlap profit brought forward and Overlap profit carried forward figure. 
Will I still be able to deduct this amount providing I clearly show how I 
have arrived at this figure?

Arnold

"Arnold"  wrote in message 
news:fmj3ce$17p$1@aioe.org...
>I am not sure if I will still be allowed claim this and would like your 
>advice.
>
> I have been self employed for 19 years with a year end for all this time 
> of 30 June.
>
> In the late 90s I like everyone else at the time changed over from having 
> my tax assessed on a Prior Year Basis (PYB) to a Current Year Basis (CYB).
>
> I have now ceased trading.
>
> On reading an old tax book I have read that I may be entitled under 
> transitional rules for the profits in 1997/98 that fall before 6 April 
> 1997 to have these treated as overlap profits which can be deducted in the 
> year of cessation.
>
> My calculation of these overlap profits is as follows:
> 1997/98 (CYB)
> YE 30/06/1997                    =    £15000
>
> Overlap Profits:
> 01/07/1996 - 30/06/1997
>
> 1997/98
> 01/07/1996 - 05/04/1997
> 279/365days x £15000       =     £11465
>
> I therefore wish to Deduct overlap relief used this year of £11465 to 
> reduce my final period profit.
>
> My question is and sorry for taking so long to get to my point is this - I 
> have not been completing the two boxes on my previous tax returns with the 
> Overlap profit brought forward and Overlap profit carried forward figure. 
> Will I still be able to deduct this amount providing I clearly show how I 
> have arrived at this figure?
>
> Arnold
>

Yes, you should have no problem.  There are plenty of s/e people who switch 
accountants, and the o/lap profit is a figure commonly not passed on...!

HMRC will still have the 96/97 figures, and that will be their reference, if 
they decide to check.  I wouldn't bother (unless asked) to provide any 
explanation of how you calculated it.  Only if your sums are wrong (and 
sorry, but I haven't checked them) will they query it.

HTH

-- 
Martin

"Martin"  wrote in message 
news:sw8jj.81834$wD5.78282@newsfe3-gui.ntli.net...
>

> Yes, you should have no problem.  There are plenty of s/e people who 
> switch accountants, and the o/lap profit is a figure commonly not passed 
> on...!
>
> HMRC will still have the 96/97 figures, and that will be their reference, 
> if they decide to check.  I wouldn't bother (unless asked) to provide any 
> explanation of how you calculated it.  Only if your sums are wrong (and 
> sorry, but I haven't checked them) will they query it.
>
> HTH
>
> -- 
> Martin
>
Thank you for reassuring me, I just had doubts whether I would still be able 
to claim the overlap when I have not been entering the overlap amount on my 
previous tax returns.

Don't worry about the calculations being correct as these were taken 
directly out of my old tax book, but will form the basis of my actual 
calculation with the correct amount and dates.

Thanks once again.
Arnold.

The message below has nothing to do with myself and has been posted by 
someone cloning my identity to make the post.  I am sure the same is true of 
the message allegedly from Martin below.

Arnold.

"Arnold"  wrote in message 
news:fea9bc$47c$0@aioe.org...
> "What is a man advantaged if he gain the whole
> world and lose his own soul? Whosoever will save his soul, shall lose it."
>
> "I am not come to destroy the law, but to fulfil."
>
> "Lambs took not away the sins of the world, but I am the lamb which taketh
> away the sins."
>
> "Moses hath not led you out of captivity, and made you truly free."
>
> 783.... Then Jesus Christ comes to tell men that they have no other 
> enemies
> but themselves; that it is their passions which keep them apart from God;
> that He comes to destroy these, and give them His grace, so as to make of
> them all one Holy Church; that He comes to bring back into this Church the
> heathen and Jews; that He comes to destroy the idols of the former and the
> superstition of the latter. To this all men are opposed, not only from the
> natural opposition of lust; but, above all, the kings of the earth, as had
> been foretold, join together to destroy this religion at its birth. 
> (Proph.:
> Quare fremuerunt gentes... reges terrae... adversus Christum.)[176]
>
> All that is great on earth is united together; the learned, the wise, the
> kings. The first write; the second condemn; the last kill. And
> notwithstanding all these oppositions, these men, simple and weak, resist
> all these powers, subdue even these kings, these learned men and these
> sages, and remove idolatry from all the earth. And all this is done by the
> power which had foretold it.
>
> 784. Jesus Christ would not have the testimony of devils, nor of those who
> were not called, but of God and John the Baptist.
>
> 785. I consider Jesus Christ in all persons and in ourselves: Jesus Christ
> as a Father in His Father, Jesus Christ as a Brother in His Brethren, 
> Jesus
> Christ as poor in the poor, Jesus Christ as rich in the rich, Jesus Christ
> as Doctor and Priest in priests, J
>
> 


-- 
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