HMRC, in its continued clampdown on tax evasion, are now looking at Horsebox owners who they suspect are dishonestly claiming horseboxes worth hundreds of thousands of pounds as company expenses.
It is understood that HMRC are investigating some farmers and rural business owners as they suspect they are buying horseboxes through their company, either falsely claiming the cost as a business expense for tax purposes, or failing to declare them for personal use and paying tax on them as a benefit in kind.
Horseboxes can be valuable assets, hence HMRC focusing their attention in this area and they seem determined to close down every loophole and capture every mistake made in tax returns. Â It is essential to have all the correct documentation!