Unfair and unreasonable!
With effect from April 2010 HM Revenue & Customs are taking away a long established concession or non-statutory arrangement known as “Equitable Liability”. Not a lot of people know about its existence, even professional advisers, perhaps because it does not come up too often.What is Equitable Liability? Well, it is a practice which helped out a group of people you may not feel too sorry for; those who did not submit their Tax Returns for quite a number of years. When Tax Returns have not been submitted, HMRC is entitled under statute to estimate the tax which might … Continue Reading