I know somebody who was in a partnership in the 90's. Company was wound up about 3 or 4 years ago.
There was hundreds of thousands lost in the company (including moneys stolen from the company which went to court but was never recouped as fraudster fled the country).
They are now sole Traders, (as are one of their previous partners) but have been told by their accountant that they cant really claim it all back for tax purposes, but their previous partners accountant has put it through his books and he hasnt had to pay tax in years (because it was huge sums of money).
The previous partner openly admits to making more money then the person I know, so I am just wondering is it a case that tax relief can be interpreted in differant ways by differant accountans?
There was hundreds of thousands lost in the company (including moneys stolen from the company which went to court but was never recouped as fraudster fled the country).
They are now sole Traders, (as are one of their previous partners) but have been told by their accountant that they cant really claim it all back for tax purposes, but their previous partners accountant has put it through his books and he hasnt had to pay tax in years (because it was huge sums of money).
The previous partner openly admits to making more money then the person I know, so I am just wondering is it a case that tax relief can be interpreted in differant ways by differant accountans?