HMRC enquiries – Undisclosed company profits taxed as loans to participators

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It is not uncommon for HMRC enquiries into the business accounts of an individual or company to result in additions to turnover and profits. For example, unexplained lodgements into a private bank account will probably result in HMRC seeking to assess them as undeclared takings. HMRC will more than likely contend that the accounting double entry in those cases will …

HMRC enquiries – The importance of taking notes at meetings

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An important aspect of HM Revenue and Customs (HMRC) enquiries into tax returns that is sometimes underestimated is meetings between taxpayers (and their agents) and HMRC officers, and the notes taken at meetings. The taxpayer’s responses to the HMRC officer’s questions often set the course and tone for the whole enquiry. Traditionally, the HMRC officer provides notes of the meeting …