Chris Reece summarises the VAT decisions of the new First-tier Tribunal. Please note that the decision numbers are no longer sequential. These are up to date to 30 June 2009
Capital introduced
In order to make the accounts balance the appellants' book-keeper had to include a figure for 'capital introduced'. The Tribunal was not convinced that the appellants had actually introduced capital to the business and agreed with HMRC's allegation that the 'capital introduced' was in fact undeclared takings.
The hearing was adjourned to allow the appellants to produce evidence of capital introduced but they did not do so and did not attend any further hearings with the consequences that HMRC's case was effectively unopposed and the Tribunal...
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Chris Reece summarises the VAT decisions of the new First-tier Tribunal. Please note that the decision numbers are no longer sequential. These are up to date to 30 June 2009
Capital introduced
In order to make the accounts balance the appellants' book-keeper had to include a figure for 'capital introduced'. The Tribunal was not convinced that the appellants had actually introduced capital to the business and agreed with HMRC's allegation that the 'capital introduced' was in fact undeclared takings.
The hearing was adjourned to allow the appellants to produce evidence of capital introduced but they did not do so and did not attend any further hearings with the consequences that HMRC's case was effectively unopposed and the Tribunal...
If you are not a subscriber, subscribe now to read this content.
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