TAX INVESTIGATIONS

Many small to medium sized businesses feel alarmed when HMRC institutes a tax investigation against your business. While carrying out such investigations, tax investigators try to figure out facts and in doing so examine records and data and make their own assumptions and overrule any arguments.

Such Tax investigations and HMRC compliance checks are normally not only difficult but also stressful to deal with. Handling of such matters requires in-depth expertise and knowledge of successfully representing and negotiating our clients position with HMRC for and on their behalf.

Business owners worry whether they have all the correct documentation or not, whether their accounts are in order and whether or not they might not correctly represent themselves because they don’t have the requisite knowledge and skills to thoroughly understand the situation.

HMRC often takes advantage of the fact that business owners aren’t that well informed about the extent of its powers. CareAccountancy can review all requests from HMRC and ensure that the correct response is given. Some requests for information may overstretch HMRC’s powers and rights and in such cases CareAccountancy can advise you on the information that you are obliged to give out.

COMMENCEMENT OF TAX INVESTIGATION PROCEEDINGS

When anyone receives a letter from HMRC indicating opening of a tax investigation into their tax affairs, the first thing to remember is to go and seek professional representation from a qualified and experienced professional.

During the course of such investigation, HMRC will request certain information and supporting evidence of business-related transactions or business records. It is necessary that the expert be appointed well before contacting HMRC and seek professional advice from them so as to protect their own interests.

Appointment of a tax investigation expert immediately is necessary as he is in a good position to understand what HMRC is demanding and indicate as to how to proceed in the matter. He will determine what information and to what extent the required information is to be furnished.

Submission of initial information to HMRC is important as due care, thought and consideration is required to be exercised as to each and every critical aspect of the information being sought by HMRC. This submission of the initial information can also be vital in deciding the case in your favour or against you as this investigation may stretch over a period of two years.

NEGOTIATIONS

Negotiations may be required with HMRC during the course of the clients tax investigation proceeding. It is important to appoint a professional tax investigation adviser to deal with the tax investigation as they are used to negotiating with HMRC. If any additional liability is determined than our clients will be liable for a HMRC tax penalty.

THINGS TO REMEMBER

  • Please ensure that do not discuss details of tax investigation with anyone except your tax adviser.
  • Always provide correct and relevant information to HMRC. Do not try to hide any information from them.
  • HMRC have a lot number of resources at their disposal which they can verify and cross check from others. So they are well versed and knowledgeable about the issues under discussion.
  • Be careful while discussing any matter with them, be precise and accurate, as far as possible.
  • Be prepared to reply for any questions or to attend any meetings
  • Make payments to HMRC when due,. Do not make any short payment to avoid penalties or any overpayments to avoid an unrealistic expectation of the amount due to them
  • Once a settlement is reached make payment to them immediately

OUR ROLE

Let CareAccountancy handles the stress of its customers to communicate with HMRC for and on their behalf to bring them the best possible outcome. CareAccountancy will handle such requests and seek related information from the clients.

Throughout the HMRC tax investigation, HMRC may request for further information and additional records. In such cases Care Accountancy will also determine whether or not HMRC can legally ask for such information.

We can help our clients with creating missing accounts or analysing previous accounts to present an accurate picture to HMRC.

They will then initially prepare, review and submit the requisite information and negotiate with HMRC on your behalf so that our clients no longer have any direct contact with HMRC during their tax investigation. Handling such work through Care Accountancy would enable our clients to carry on their work uninterrupted and without any hassle and stress of any direct communication with HMRC.

CareAccountancy will never agree a tax settlement if it is not legal and enforceable. With our help, appeals can be made against judgements and they can be overturned if there’s evidence that HMRC has drawn incorrect conclusions.

If no amount is owed to the HMRC then CareAccountancy will leave no stone unturned to prove it. However the tax investigation adviser will calculate the outstanding tax amount due, if any. We will also try to reduce the incidence of any penalty as far as possible.

PRICING

Our fee for handling HMRC tax investigation, vary on a case by case depending upon the intricacy of the case, however we are very competitive and our charges are very reasonable.

CALL US

Please call us at 0113 887 0218  or send us an email at info@careaccountancy.co.uk

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