VAT – ASSESSMENT – best judgment – outputs declared in VAT returns amounting to less than true level of inputs – taxpayer appearing to be trading at a loss – alleged by taxpayer that business was financed by its trade creditors and that Customs had ignored stock shown in accounts – evidence of taxpayer rejected – assessment for undeclared VAT on difference between declared outputs and true inputs upheld as reasonable – appeal dismissed
Citations:
[2005] UKVAT V18999
Links:
Jurisdiction:
England and Wales
VAT
Updated: 16 August 2022; Ref: scu.225127