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Questions and answers During the following months I provided explanations and documents to HMRC Portsmouth while working on the overall reconciliation of Mr Green’s personal and business figures.
The opening cash figure was based on a Statement of Assets signed by Mr Green at the conclusion of the earlier HMRC enquiry.
The closing cash figure was given to us by HMRC themselves – it was the amount of cash held by Mr Green in March 2008 when it was seized.
December 2010 : HMRC quantified the penalties they would be going for as £296,796.
Total tax and penalties claimed were therefore £890,386 plus interest.
HMRC Enquiries into 2005//07 Meanwhile HMRC Portsmouth were continuing with their demands for information and refused to give any weight to our Cash/Funds Statement.
I wrote to the Inspector stating that in my view she has enough information and evidence to close down the enquiry and withdraw the assessments.A review is carried out by a member of HMRC staff not previously involved in the case.October 2010 : The inspector produced a 22-page document setting out her conclusions and quantifying a figure of £140k additional taxable profits for 2005/06 based on matters which she considered had not been adequately explained, proved or documented.They left satisfied, and indeed were complimentary of our work.However, it took nearly a year for HMRC Dover (by then The Border Agency) to formally withdraw from the proceedings and to return the cash to Mr Green, which they did in March 2010.The resultant tax and NIC payable was £593,590 plus interest and penalties.