INSIGHTS

Introduction : A tax audit report is signed by a chartered accountant, but the file behind it is built by the business over the whole year. When an assessing officer later questions an expense, a loan or a payment to a director's relative, the dispute is seldom about whether the transaction took place. It is about whether the business can prove, with dated and consistent papers, what happened and why. A good number of additions are made because the file is thin and not becaus