What is a Tax investigation?
Every year, HMRC selects returns for investigation either at random, or because the submitted figures do not look right. It is unlikely that you would be selected, but if you are, you would be asked to show paperwork to back up the figures submitted to HMRC.
HMRC may have you in their sights…
£800 million has been allocated to target tax evasion, in a bid to fill the public finance black hole. Last year HMRC recuperated £26.6 billion worth of tax, with 1,289 investigations resulting in prosecutions.
New software can trace even the smallest discrepancy in spending or earnings, prompting an investigation into individuals and businesses.
Anyone who submits a tax return is a potential target
An investigation can happen regardless of the size of your business, or whether there are discrepancies or anomalies in your return; HMRC can carry these out at random. This can be an inconvenient, expensive and time-consuming process.
If you are selected for investigation
If HMRC states its intention to investigate your tax payments, there is no need to panic – we are here to help you. We can translate any complicated questions HMRC may pose, help you submit any required information and minimise the impact on your business and/or personal life.
The cost of supporting you throughout this process is not covered by our standard accountancy fees, which is why we offer this scheme.
Peace of mind providers
We are here to help you manage any tax enquiries you might receive – being led by specialist advice and guidance when dealing with HMRC can expedite the process significantly.
With the Tax Investigation Fee Protection Scheme, any of our costs will be covered if HMRC investigates you. For a summary of the protection afforded by our service (including the indemnity limits) please refer to our service summary.
We know your business, and we want to be there for you when you need us most.
Cover for everyone
For limited companies and partnerships, the scheme provides cover for all relevant individuals. So, if your business subscribes to the service, all of your directors, partners, their spouses and company secretaries will also receive representation during an investigation into their personal tax affairs as long as we act for the individuals concerned.
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