UKFTT 92 (2010) Smith v HMRC

Discovery, Negligence - HMRC won in part

Case Summary:

Mr Smith’s accountant did not include work in progress for certain contracts in the accounts. The FTT increased the profits for most years. The Inspector had made a discovery allowing assessments to be raised for 6 years and as the accountant had been negligent they could go back further. HMRC accepted there could be no penalty as Mr Smith was not personally negligent.