Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

New queries, issue 4629

02 January 2018
Issue: 4629 / Categories: Forum & Feedback

Tax toothache;Toodle PIP; Blast from the past; Discretionary trust

Tax toothache

Can HMRC open an enquiry into a previously agreed goodwill figure?

A Northern Ireland dentist incorporated his practice in June 2010. There is an equal mix of NHS and private clients and based on previous results goodwill was valued at £900 000. In November 2012 HMRC queried this under TMA 1970  s 9A and to avoid costs our client accepted HMRC’s reduced figure of £600 000. The enquiry was formally closed under TMA 1970 s 28A(1) and (2) in June 2013.

In August and September 2014 HMRC opened aspect enquiries into the company return for the year ended 30 April 2013 and the client’s 2013 personal tax return. The company enquiry concerned the turnover split between NHS and private work and the personal one concerned the recording of NHS income. It then transpired that in Scotland and Northern Ireland...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

back to top icon