A young lady is being pursued by HMRC for a £35 k tax bill based on what she had put in tax forms as her expected (hoped for) estimated earnings years ago. In fact her business venture only made losses , but she didn't keep proper records. Now HMRC are pursuing her for £35k in tax based on her estimated earnings. She cannot disprove this as her finances were in such a mess and she had no records. Bankruptcy is an option but isn't there some responsibility on HMRC to see sense .. a failed business with no profits would produce a tax bill of precisely zero unless I am missing something? Is there a way out which doesnt involve bankruptcy?
14th Nov 2021
No past records so HMRC claiming big tax bill
Young "entrepreuner "with failed business has not kept proper records
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