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  • Tax - Request for closure of enquiry letter
    Request for closure of enquiry letterIf you believe you've given HMRC all the information it has requested, you can ask it to close the enquiry. Your first step is to write a letter asking for the enquiry to be closed or for details of the further information it requires.Stalled enquiryIf the inspector running the enquiry has already dragged out the investigation and nothing seems to be happening use our Request for Closure of Enquiry Letter.ConsiderationsVarious factors should be considered before applying...
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  • Tax - Changing interview notes
    Changing interview notesIf you attend an enquiry interview, the tax inspector will make their own notes of what they "think" was said and use them against you if they can. They will probably try to get you to sign them as a true record of what came up at the meeting. Should you?Read the notesNever sign notes at a meeting. Gain yourself some thinking time by saying you would like to go over the notes in some detail. Ask the inspector to send them to you. Go through the notes looking for all the things that are...
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  • Tax - Checklist for challenging an HMRC business economics exercise
    Checklist for challenging an HMRC business economics exerciseIn the pursuit of tax collection targets there is now a much greater willingness by HMRC to displace the profits shown by your accounts with an estimate based on a simple business economics exercise. Our checklist can help you identify flaws in HMRC's calculations. Missing incomeA typical example of a business economics exercise would be for HMRC to use a mark-up of purchases to selling price and construct an anticipated sales figure. The next stage...
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  • Tax - Product mix reconstruction
    Product mix reconstructionWhen carrying out a business economics exercise, the tax inspector will often use an industry average mark-up of purchases to selling price to construct a sales figure. But this simple calculation doesn't take into account your business's product mix. Use this template to demonstrate that the inspector's calculations are based on flawed assumptions.Establish your product mixAs most businesses sell more than one item, the first step in challenging an inspector's business economics exercise...
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  • Tax - Enquiry - challenging a business economics exercise
    Enquiry - challenging a business economics exercise There can be many reasons for challenging an HMRC business economics exercise, but you must have good grounds for doing so. Are your records deficient?HMRC's business economics exercise approach to increase taxable profits cannot be justified unless the records have been shown to be deficient in some way. An inspector should be able to demonstrate that: (1) There are deficiencies in the records.(2) The results shown by the accounts are not credible.(3) Drawings...
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  • Tax - Enquiry - business economics exercise letter
    Enquiry - business economics exercise letterYou might feel that the tax demand based on a business economics exercise routine is absolutely outrageous. What measured response should you give?Don't say too muchDuring an enquiry into a tax return there is now a much greater willingness by HMRC to displace the profits shown by your accounts with an estimate based on a simple business economics exercise. Using a written Enquiry - Business Economics Exercise Letter, try to undermine the calculations without showing...
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