A tax investigation is issued by the HMRC when they believe that there is some form of discrepancy within your business’s financial history. This can occur randomly and often stems from a small mistake that may arise when filing your tax returns and related documentation. A tax investigation is a process to ensure clarity on an issue or financial history of your business. It can be a stressful procedure for yourself and the business as a whole. The best way to avoid this situation is to ensure precision and accuracy when dealing with the required documentation needed for your tax returns and related forms. Sometimes these procedures are unavoidable and the HMRC will even resort to moving twenty years into the past to ensure that the financial history of your establishment is sound and coherent. Tax investigations don’t only occur around the issue of your income tax but also include other aspects such as:
With this vast area of tax-related issues, it can be quite difficult to avoid tax investigation completely and as such, it is important to ensure that your business receives the aid that it needs from industry experts to stay on the right track and push through the HMRC-initiated tax investigation.
Whilst it is best to completely avoid the issue of tax investigations as a whole, it is sometimes not realistic when the HMRC randomly selects you and your business. The procedure of a tax investigation is often a long and grueling experience that aims to ensure that all information provided about your tax is accurate and that there are no discrepancies that may affect the business and the way it wholly deals with matters of tax. It is also important to take into account that there are industries in which it is exceptionally difficult to avoid tax investigations such as if your business runs predominantly off direct cash transactions. The best way to ensure that a tax investigation does not occur is to make sure that you fill out all required documentation accurately and honestly. When there are slight discrepancies in these forms, the HMRC may be concerned that this would be a matter of fraud and as such, launch a tax investigation into the matter. If a tax investigation is launched, it is imperative to ensure that all your documentation is in order so that when the HMRC requires information, it is readily available and the matter as a whole can be dealt with easily and without conflict.
It is completely normal to feel overwhelmed and stressed out when tax investigations occur. These are procedures that no one wants to go through and as such, it is important that you receive the best possible assistance to get through it and lower your levels of stress. The professional and expertly trained team at Templeton Brook Witt in London ensures that you receive the help that you truly deserve during these stressful times. Being industry experts in dealing with cases of tax investigations, Templeton Brook Witt has always been at the forefront of ensuring that businesses in London and people alike receive the professional assistance that they require. Along with expertise in the field and providing you with the information required to push through a tax investigation, the team at Templeton Brook Witt also specializes in all different aspects of these tax investigations such as VAT fraud, APN, DOTAS, CoP 8, CoP 9, HMRC penalty, time to pay arrangement, discovery assessments, loan charge, and contractor loan schemes. Don’t let the immense stress of a tax investigation affect the way that your business conducts its services. With the right assistance and help from a professional team that specializes in these matters, you will get back on the road toward a successful and stress-free tax season.
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Based in the landmark St. Mary Axe, Templeton Brook Witt provide specialist tax investigations, compliance advisory and employment dispute advice to private clients and corporates.
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