Personal History


The report should provide reasonably detailed background information about each of the taxpayers under investigation including, for instance, the employment and business history from the time the individual left school until the present time; the level of education and an indication of whether the individual has had previous experience of holding positions of responsibility prior to starting in business on his own account; and the dates of all major personal events such as marriage, births of children, serious illnesses, etc. The aim of this part of the report should be to paint as full as a picture as possible of the individual concerned, showing the type of person he is, his background and aspirations, and drawing attention to anything which might be relevant to those parts of the report which deal with the tax irregularities and the degree of culpability.


History of the Business


The purpose of this narrative part of the report is to provide as full and clear a picture as possible of the particular business concerned, foreshadowing any features which might be relevant to a consideration of the trading results, as adjusted for any additions to be made to takings in respect of omitted profits.


The history of the business should be traced from when it was first started by the taxpayer or from when he took it over, showing who is involved in running the business and their respective responsibilities. A detailed description of the nature of the trade, the types of goods dealt in, the suppliers and their terms and the customers and the terms on which they are dealt with should be covered, together with anything else which helps to explain any special features of this particular business.


The dates of any major changes affecting the trading results should be given, including the opening or closing of a branch, the arrival on the scene of a new competitor or a new product which made the existing goods dealt with in obsolete, changes in suppliers or the terms given to customers, etc. This can be helpful when scaling back any additions to profits.


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