2008- Tax Planning resulting in a refund of £26,550.89


Summary of Case: December 2007

4.1 Appointed (by recommendation)  to act for a restaurant proprietor who had the same “Chartered Accountant” in  North London for 25 years; notified HMRC (Lothians Area) on 21st December 2007 of our appointment  and of our  intention to seek remedy under “Section 33 Taxes Management Act 1970.”    

4.2 Our claim was initiated on 21 December 2007 for the years 2000/01 to 2005/06; however in a letter dated 25 April 2008, HMRC argued that 2000/01 and 2001/02 were out of time although they were prepared to accept the other four years.

4.3 On 16 June 2008 HMRC finally conceded to accept all six years following an appeal and a net sum of £26,550.89 was repaid to our client for the six years. The savings were only restricted because of “Statutory Limitations” and our client’s previous accountant neglected planning opportunities which could have saved over £100,000.00

4.4 This case involved restructuring the business vehicle and implementing other tax planning strategies to significantly reduce all taxation liabilities going forward.