The issue is not whether a return should have been made or not. It should have been submitted. There is no question about that. The question now is what income tax liability should be used to calculate the penalty. The legislation doesn't specify as far as I can see but the newsletter I referred to above states that the penalty is calculated on the income tax liability from the directorship (I think!). I am hoping that nothing has been introduced since that newsletter was issued by revenue that would mean the penalty is calculated on all income from all sources. If anyone knows of anything else in relation to this I would appreciate the help.
I do appreciate all the advice and pointers.
I do appreciate all the advice and pointers.