Tax Insider Tip: Trading Income – An Unfair Assumption
Business owners whose tax returns are subject to enquiry by HM Revenue and Customs (HMRC) may be asked to provide evidence about the source of unidentified bank receipts into a ‘mixed’ account (i.e. an account used for business and private purposes) or sometimes even a personal account.
In March's issue of Business Tax Insider, and in an article you can read for free on our website, Mark McLaughlin warns that unidentified bank receipts can result in HMRC assuming that they represent undeclared income, with possible tax implications over a number of years.
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