PracticeConsultingTaking Stock – Story of the great one pence tax return.

Taking Stock - Story of the great one pence tax return.

Self-assessment deadlines come and go provoking little in the way of sweet memories, but great tax returns always stick in the mind.

A reader recently called TS to tell us about the latest return over which he had expended great labour.

Filling out the form for a client’s wife, the only income to declare was the interest earned on a bank account. Now this wouldn’t necessarily have been worthy of a spot on TS but the account held just #1 and the interest amounted to 1p.

Spectacular, you might say. Or you might think, don’t bother. But our informant tells he had to calculate the liability because the form was late and the return had to be submitted to avoid the #100 penalty.

If you’ve come across a more impressive tax return than this, let TS know.

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