Balance Sheet

Balance Sheet

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 In an investigation can HMRC insist on examining a balance sheet in respect of all sole traders and partnerships 

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By cymraeg_draig
14th Feb 2011 18:04

No

There is no legal obligation to prepare a Balance Sheet for a sole trader - they cant inspect what doesnt exist.

 

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By nogammonsinanundoubledgame
14th Feb 2011 18:23

I think it may be possible ...

... 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

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