I have two clients who are partners in two different film partnerships - all date back to several years before I became their accountant. In the last week, HMRC have opened enquiries into both of their 2012 tax returns, specifically in relation to the film partnerships, which are out of my hands. It looks like they are onto something....
Does anyone know what HMRC are up to or have I/my clients just been incredibly unlucky?
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Film partnerships
Every one I have has an enquiry open. These are all in the same circumstances as yours.
I think the revenue have a thing for Film Partnership Schemes at the moment - I've got one client in one of these schemes and there's an enquiry there too.
Think it's standard practice to open an enquiry, I have a couple of clients in the same position, HMRC also put a hold on any tax refunds, can't blame them really, a lot are shams. A partial settlement offer with sideways loss relief seems to be the intended direction currently. Seed Investment schemes seem to be the more legitimate replacement now.