TC09615 - [2025] UKFTT 01016 (TC)

The conclusion on the 2013-14 Closure Notice was that “your trade profit has been overstated”. Under the heading “how your return has been amended”; the Closure Notice said that Mr Tinkler’s business income had reduced from £6,051,929 to £1,429,425; that business expenses had also reduced, and that net profit had decreased from £649,923 to £403,717. The Closure Notice also included the wording at §15. Similar documents were attached as in the earlier years, and the covering letter was identical.