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PSC Photography v HMRC

In PSC Photography v HMRC [2014] UKFTT 926 – 30 September 2014 the FTT found that a company had a reasonable excuse for the late payment of PAYE.

PSC’s business was mainly photography for major high street retailers. In November 2011 it started work for TR Lewin on what was expected to be a lucrative contract. The main work was due to start in February 2012 but TR Lewin first postponed to May 2012 and then decided to end the project altogether. This was a major setback for PSC which had retained staff since February 2012 for the purpose of the project. PSC eventually won another lucrative contract six months later but the loss of the TR Lewin contract had an adverse short term effect on its cash flow.

At the same time PSC’s bank abruptly changed its banking arrangements reducing the company’s...

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