HMRC has the power to investigate your business and financial affairs, and selection for such an investigation is often at random.
Being subject to an investigation by HMRC can be a stressful and time-consuming experience. As such, businesses are advised to seek the advice of an experienced team of accountants.
Tattersall Bailey can help you to prepare for an investigation and help to mitigate your exposure to penalties and fines.
We can also liaise on your behalf with HMRC and supply you with expert advice and support.
What is a tax investigation and when do they occur?
Tax investigations are conducted by HMRC, who make enquiries into your tax affairs. Many investigations are random. Unusual fluctuations, undisclosed accounts and random spending can also prompt an enquiry into individuals and companies.
HMRC can target anyone who submits a tax return, and their highly efficient ‘Connect’ software is accessing and trawling through financial information all the time. The powerful system can trace even the smallest discrepancy in spending or earnings, prompting an investigation.
The taxman has the power to inspect business documents and information, make unannounced inspections and go back up to six years to investigate matters.
Investigations can be disruptive, intrusive and expensive – when HMRC investigates, it can drag on for a year or more, creating mounting costs and rocketing stress levels.
We can help!
If HMRC states its intention to investigate you, don’t panic – call us.
We are your dedicated accountant and best defence. We will translate the many complicated questions, manage the entire dialogue with HMRC, help you submit any required information and minimise the impact on your business and personal life.
However our usual accountancy fees do not cover the cost of supporting you through an investigation.
This is where our protection service comes in
Subscribing to our tax investigation fee protection service insures you in the event of a tax investigation, so you can have peace of mind that our fees would be covered. For a summary of the protection afforded, please refer to our ‘Service Summary’.
The 2023/24 costs are (monthly payments):
- Personal Tax £4.50+VAT
- Sole Traders £13.50+VAT
- Partnerships/Contractors £13.75+VAT
- Limited Companies £19.5+VAT
Service Summary
Frequently Asked Questions
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Please contact us if you need further advice or have any questions about our services.