Balance Sheet
In an investigation can HMRC insist on examining a balance sheet in respect of all sole traders and partnerships
Comments
I think it may be possible ...
|
Mon, 14/02/2011 - 18:23 |
Permalink
... to construe Para 1(1)(b) Schedule 36 Finance Act 2008 as authorising HMRC to give notice to a taxpayer to produce a document which need not exist at the time of serving that notice, which document could be a balance sheet, if "reasonably required etc etc". Whether you might argue that such a document cannot be reasonably required is another matter. Not had to test that out yet, fortunately.
With kind regards
Clint Westwood
No
There is no legal obligation to prepare a Balance Sheet for a sole trader - they cant inspect what doesnt exist.