Despite the best attempts by Government to reduce the “red-tape” with which smaller businesses have to deal, there is still considerable onus placed on small businesses to fulfil their statutory obligations. Under the Companies Acts, a number of general duties required for statutory compliance are enforced upon the Directors and Secretary of a company. We appreciate that complying with statutory obligations is a significant and time-consuming responsibility, which many business owners find onerous. Failure to comply can have serious consequences and can even result in your company being struck off. The prosecution of directors can also lead to disqualification for up to 15 years.
If you are selected at random, you need an accountant who knows how HMRC works and thinks and is prepared to fight your case. We make sure that the Taxman keeps to its own internal guidelines and doesn’t over step the mark. We will talk you through the enquiry process and what to expect and support you throughout.
The Penalties
There are various penalties HMRC can seek to impose following an enquiry for undeclared income. As well as having to pay the tax, you can find them seeking penalties up to an amount equal to the tax, so doubling your tax bill. Interest on the late payment of the tax is also part of the arrangement – not a pleasant experience. We can help you minimize these penalties.
Anti-investigation Scanning Checks
Whilst with random investigations anyone can come under enquiry, you can help to avoid the chance of an investigation into your affairs for other reasons. We know the triggers that often give rise to enquiries if not fully explained to HMRC when submitting Returns to them. Every Tax Return or set of accounts we submit to the Taxman goes through an anti-investigation scanning check to identify any areas that may lead to an enquiry before they are submitted without explanation. This really does help to minimize the chances of you being on the wrong end of an enquiry.
- Tax Investigation Fee Protection
- Worried about the accountancy fees of a tax investigation?
- HMRC has powers to investigate income tax and corporation tax payers at RANDOM.
With the ever increasing risks of full tax enquiries and investigations, its worth considering protecting yourself from the accountancy costs of dealing with it as the amount of work involved is often substantial.
Even if HMRC finds nothing as a result of any investigation, you will still have unexpected professional fees to pay as a result.
We cannot prevent you from being investigated by the Taxman, but we can help to ensure that you get the best possible support and advice without having to worry about the cost