never filed a return

taxquestions

Hello, a friend of mine has a small shop, it is trading for 2.5 years and he has never filed return with the revenue

He made a loss the first year, small profit the second year and is breaking even at the moment, overall he has made a loss. He knows he should have filed returns but his excuse is that he didn't have the money for an accountant and didn't know how to do it himself and thinks "shur I haven't made any money so I shouldn't have to file a return, but tbh I just think it was laziness (hes not getting much sympathy from me at the moment)

He is now thinking of just closing the shop and not filing any returns at all and think he can ignore it but I've been trying to explain to him that running away from a problem is not going to solve it, what I am trying to find out here is as he stands how would he go about trying to get his returns up date and whats are the consequences he is facing at the moment if he owns up now and what consequences will he face if he is caught out down the road.

Thanks in advance for any replies, Im going to try and put it to him that he needs to get this sorted and move on with the business which can easily make money if he puts a proper bit of effort in

Mr. Incognito

I think your "friend" needs to see an accountant.

Read the charter. Thread closed.