At Templeton Brook Witt, we understand that the words “tax investigation” can induce an immediate sense of dread. We get it; being thrust under an accounting microscope by HM Revenue and Customs (HMRC) can be a stressful experience. Even to a more experienced business owner, or someone who has possibly been through a tax investigation before. For anyone who might be completely new to the concept, a tax investigation is when HMRC decides to take a closer look at the finances of your business, to ensure that the correct tax is being paid over. This can be current, as well as historically, depending on the severity of the misdemeanour.
A
tax investigation will require a good deal of preparation from your side, to ensure that the correct paperwork is submitted within the stipulated deadlines. Templeton Brook Witt in London has a wealth of experience that can help your business to prepare for your tax investigation. We know the ins and outs of
tax investigations well, meaning that you can rest assured that you won’t be caught making submission errors. Another benefit of outsourcing your tax inspection to Templeton Brook Witt is the assurance that your deadline will be met, with minimal back and forth with HMRC.
At Templeton Brook Witt, we have helped businesses through tax investigations due to various different reasons. More often than not, being placed under
tax investigation doesn't necessarily mean that HMRC thinks you are evading tax, but rather that something isn’t making sense to them in your submissions. Often, a simple error, such as forgetting to tick a certain box, making a calculation error, or omitting the correct supplementary information, can trigger a
tax investigation. Usually in these cases, there is a good chance that you are able to sort it out quite painlessly, by supplying the right information, or correcting the tax amount, especially if too little was paid over.
Furthermore, a
tax investigation could be on the cards for you, if you work in a sector that HMRC is proactively looking into. This is usually in sectors where tax shortfalls are common, or you tick a box that is of interest to them. An example of such a box could be multiple sources of income. Luckily, when outsourcing your tax inspection to Templeton Brook Witt, we can deal with HMRC for you to find out what triggered the
tax investigation, which will help prepare you in your future submissions. Templeton Brook Witt believes that a tax investigation is an opportunity to learn how to improve your tax submission process.
The outcome of a
tax investigation will naturally depend on whether you have been found to be at fault or not. Barring cases of actual tax fraud being identified, criminal convictions are relatively rare. Most likely, you will be penalised for your transgression, or asked to pay the amount of tax that you owe HMRC. If, however, you disagree with the outcome, Templeton Brook Witt can assist you with appealing the decision. Our expert tax accountants can deal with HMRC on your behalf, so that you don’t have to. Additionally, we can try and negotiate for lowered penalties, in cases where you are required to pay up.
If your
tax investigation reveals that you have made a mistake, despite taking reasonable care, or without taking reasonable care, the chances are high that you may hear from HMRC again next tax season. It is imperative to learn from previous mishaps to try and avoid future tax investigations. This is why outsourcing your accounting, and tax inspection services to Templeton Brook Witt can help you in the short, and the long term. If you’ve been called up for a
tax investigation by HMRC, or in need of expert tax filing assistance,
contact Templeton Brook Witt today today.
Your Trusted Advisors
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.
0207 889 1000
info@templetonbrookwitt.com
30 St. Mary Axe, The Gherkin
Level 28
London
EC3A 8BF
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