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Income tax � drawings and unrecorded expenditure claimed as wages/sub-contractor payments - not allowed in computing profits of a trade � section 74 ICTA 1988
Sitting in public at 4 th floor, Byron House, 2A Maid Marian Way, Nottingham on 21 st January 2011
This is an appeal against a disputed decision of HMRC to the effect that the Appellant�s self-assessment tax return for 2002/03 should be amended to disallow drawings which had been included in the Appellant�s �cost of sales�. The Appellant also appeals a decision of HMRC to adjust his return for 2004/05 because claimed employee costs have not been fully substantiated.
The Appellant�s self-assessment tax return for the year ended 5 April 2003 was selected for enquiry on 5 January 2005. The Appellant objected to enquiry on the grounds that his returns for 2000/01 and 2001/02 had also been subject to an enquiry. The objection was treated as an application for a closure notice under s 28A (4) Taxes Management Act 1970 and listed for hearing by HMRC Scunthorpe. The application was heard on 20 April 2005 and refused.
The Appellant�s accounts year runs from 1 August to 31 July and therefore the 2002/03 return covers the accounts to 31 July 2002, the 2004/05 return covering the accounts to 31 July 2004.
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