Which one of you is it?

[bobspud]

Stupidly, brother in-law was losing money on his shop for ten years in the hope that he could eventually make a profit and sell it. Despite loses of over £200,000 and audited accounts, the Inland Revenue estimated his “profits” and took him to Court. He will be paying the Inland Revenue for the rest of his life for money he never owed. He refuses to go bankrupt (silly bugger)

This needs an accountant to do some proper investigation into this as it looks like someone has wilfully ****ed this up to gain their targets... You cannot owe tax on a loss. Its not physically possible and a while back several HMRC inspectors were caught pulling a stunt on unsold stock at year ends... Something to do with not reversing the book pricing for stock calculations at year end in order to land shop owners with massive tax bills....
Meanwhile I know a chap that really screwed the pants of HMRC and despite owing them tens of thousands in VAT. He is still managing to get money back out of them every quatre because of the fact that his company sells entirely off shore. His take on HMRC is that they are incredibly friendly and very understanding

[TheFaQQer]

This is it

BBC News - Man describes how he was chased for money he did not owe

Didn't we discuss this 18 months ago when it happened?

[proggy]

Didn't we discuss this 18 months ago when it happened?

It just happened today, it's 2011 here, are you from the future? Whats it like?

[NickFitz]

Didn't we discuss this 18 months ago when it happened?

I very much doubt it. The subject may have been raised, and there may have been much hooting, bellowing, and posturing; but discussed? No. Not here

[Old Hack]

It just happened today, it's 2011 here, are you from the future? Whats it like?

Buy Apple shares, then flog them a couple of weeks back. Bit coins, likewise. Short facebook.

It's tulip

[IR35 Avoider]

This needs an accountant to do some proper investigation into this as it looks like someone has wilfully ****ed this up to gain their targets... You cannot owe tax on a loss.

I'm guessing that HMRC said we don't believe your accounts, for your kind of business this is the kind of profit we would expect you to make, now pay us the tax on the profit we imagine you made. They can issue any bill they like, then it's up to you to prove you don't owe it.

My plumber told me a similar story about a guy he knew. He chose a classification code for his business that while reasonable put him in the company of of a majority of people with a very different kind of business. So when HMRC saw that his profits were not the same, they simply billed him for what they thought his profits should be, and told him he would go to jail if he didn't pay. (He went to plumbers accountant, who kept telling HMRC to feck-off, and every time he did, HMRC would send another bill half the size of the previous one, till eventually they were demanding bugger-all.)

[proggy]

Buy Apple shares, then flog them a couple of weeks back. Bit coins, likewise. Short facebook.

It's tulip

Cool, I will do this after I get back from Japan, off to do a contract at the Fukushima nuclear plant, big bucks!

[vetran]

Cool, I will do this after I get back from Japan, off to do a contract at the Fukushima nuclear plant, big bucks!

that explains a lot!

[proggy]

that explains a lot!

Eh why? have you heard of it?

[vetran]

Eh why? have you heard of it?

if I were you I wouldn't bother with any pension contributions if you work there.