Making Allowances
13 September 2012
Profit extraction can be a major headache but if you learn to fill in the forms correctly you can save yourself a visit from the Revenue
Investigations by the Inland Revenue are never welcome. But, while some are inescapable, many are prompted by poor judgment and these can be avoided.
One story, for example,tells of an investigation that started because a farmer recorded the purchase of sheep dip in the accounts. This sounded fine until closer inspection revealed that the farm was arable. The...