From time to time, HMRC may open enquiries or investigations into tax returns or financial matters. These reviews can be time-consuming and often require detailed responses, technical expertise and ongoing communications.
What could an enquiry involve?
HMRC will write to you or even visit your business workplace. They potentially will want to review all your books and records and could ask for more detailed information about specific transactions on your Tax Return. At the end of the enquiry, HMRC could look to raise an assessment for additional tax due.
Can you avoid a tax investigation?
Unfortunately, any business in the UK is open to being investigated by HMRC at any time. There’s no forewarning, and while they can be triggered by substantial discrepancies in your tax returns, late filing or other notable misdemeanours, in reality, HMRC doesn’t need a specific reason.
What can you do to protect yourself from an HMRC investigation?
Even if your tax affairs are completely in order, the process of an HMRC tax investigation is complex and often time-consuming, so the additional work involved for your accountant isn’t usually included in their fees. By taking out a ‘tax fee protection’ policy, you’ll ensure that your business is completely covered in the event of an HMRC investigation.
Our tax fee protection service is designed to provide you with peace of mind and expert support should there be an investigation into your personal or business finances.
Our aim is to secure the best possible outcome for you without the extra time and financial cost an enquiry can bring. Having on hand your trusted expert who understands your tax affairs is crucial when responding to HMRC enquiries. Whilst we can’t prevent HMRC enquiries, we can significantly reduce their impact.
Tax enquiries can be disruptive, but we will manage the process on your behalf, handling all communication with HMRC, preparing and submitting all the necessary documents and providing professional and proactive advice throughout the process.
We offer clear, expert advice at every stage to resolve matters quickly and minimise disruption, freeing you to get on with your day to day activities.
If you’d like to talk more about our tax fee protection service, get in touch with our Business Services team to see how it can provide added peace of mind for you and your business.
