Archive for March, 2014

A former window cleaner discovered to his cost that honesty with the tax authorities is the best policy after giving up his round to devote himself to the more lucrative business of trading in collectible American comic books, videos and DVDs. The man was hit with a bill for more than £14,000 in back-tax and penalties after failing to keep adequate business records or to inform HM Revenue and Customs (HMRC) that his source of income had radically changed. He admitted that he had ‘fabricated his source of income’ – having continued to state on tax returns that he worked as a self-employed window cleaner – but nevertheless argued that much of his profit had been derived from selling off his childhood collection of comics and videos, which he valued at £38,000. However, following an in-depth inquiry into his affairs, HMRC pointed ... Read more