MARK McLAUGHLIN explains why a company's 'trading company' status may depend on the HMRC official considering its Code of Practice 10 application.
IT IS UNFORTUNATE that there is very often a necessity for tax advisers to include phrases like 'it all depends …' and 'subject to …' in their advice to clients. I can imagine that many clients interpret such phrases as 'ifs' and 'buts' and ask themselves 'does he really know what he's talking about?'! I have to confess that when it comes to predicting how HMRC will react in certain situations the answer is 'probably not'!
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