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The taxpayer was a landscape gardener trading as Apex Groundcare. Until 2005 he worked mainly as a subcontractor to a larger entity Russell Landscapes the owner of which fell ill in 2005.
By 2006 the taxpayer had effectively taken over Russell Landscape’s contracts. He set up a limited company Wild Bill Ltd with himself and his wife as directors and sole shareholders.
The company was incorporated on 15 March 2006. It rendered an invoice dated 30 April 2006 to Apex Groundcare the taxpayer for £59 000. Another invoice was submitted to Apex dated May 2007 for £51 000.
Wild Bill’s profit and loss account for the period 15 March 2006 to 31 March 2007 showed a turnover of £59 000 as did the corresponding tax return.
The profit and loss account and tax return for the year...
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