Bank receipts were held to be taxable income of the taxpayer in the absence of satisfactory evidence to the contrary.
HM Revenue and Customs (HMRC) opened an enquiry into the appellant’s self-assessment return for the tax year 2015/16. During the enquiry, HMRC requested further information about amounts identified as personal income and an explanation for transactions described as a loan from a company (referred to as ‘RQHM’), investments of £32,000, payments from ‘Barking/HFX Barking’ and payments from another company (referred to as ‘Asba Meats’).
Following further correspondence, HMRC issued an income tax assessment pursuant to an enquiry closure notice. The appellant appealed. He argued that: (1)â¯he only earned one-off consultancy fees of £4,070 as shown in his tax return,
