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The appellant owned a takeaway fish and chip shop. He bought it in 2001 and sold it in 2006. HMRC enquired into his 2005/06 tax return and sent him a letter requiring the production of certain information and documents under TMA 1970 s 19A.
These were not sent so HMRC imposed penalties under s 97AA and s 100(1).
Eventually a summary of the appellant’s records were sent to HMRC with the excuse that the complete records had been thrown away by the new shop owner.
The records were insufficient and so based on information relating to the business which they already held and calculating the takings on a gross profit of 60% HMRC issued assessments on the taxpayer against which he appealed.
The taxpayer said that the gross profit figure of 60% was...
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