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Taking advice from the ‘man in the pub’ can lead to unpalatable tax consequences for companies and their officers.
KEY POINTS
- VAT return shoed a £2.5m turnover compared to an annual estimated income of £80 000.
- On investigation HMRC found no supporting sales or purchase invoices and no evidence of payment.
- Despite business experience the taxpayer had filed a VAT return without supporting documentation.
- The company was wound up but a personal liability notice was served on the director.
- The deliberate inaccuracy was attributable to the company director.
Every so often a case report comes along where the phrase ‘it seemed like a good idea at the time’ appears to be particularly apt. Let me stress that I have no knowledge of whether this thought popped up into the mind of Mr Jason Andrew before he embarked upon his new business venture but presumably...
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