HMRC doesn’t need a reason to investigate you or your business. To clamp down on tax avoidance and evasion, HMRC is now conducting thousands of compliance checks per year to make sure taxpayers pay the right amount of tax. It has even developed a powerful new tool, which trawls through business’ and individuals’ financial information to unearth discrepancies in income, assets and transactions. It can make checks of tax returns, books and records randomly, and at any time.
HMRC has increased focus on tax investigations, meaning you cannot afford to be at risk. Even if you do not owe any extra tax, the investigation itself can not only prove expensive in terms of professional fees defending your position, but it can also be a disruptive and a stressful process.
Protect your finances or your business
An HMRC investigation could range from a detailed examination of a specific item on a tax return to a full review of your affairs. HMRC has the power to inspect business documents and assets at your premises, make unannounced inspections and go back up to six years to investigate matters.
We have developed a specific service to help both individuals and businesses deal with an investigation. It is our Enhanced Tax Compliance Service (ETCS).
The ETCS is designed to reduce uncertainty over the accountancy costs you could incur when dealing with a compliance check. It also gives you access to our specialist tax knowledge. Whilst the ETCS cannot prevent HMRC initiating a compliance check, it can give you peace of mind throughout the process and could save you thousands of pounds.
Benefits of the ETCS
By taking advantage of the ETCS, you can receive support without incurring additional costs. We can help with situations such as:
- HMRC investigations and interventions;
- self-assessment enquiries and reviews;
- employer compliance reviews, enquiries and disputes;
- VAT checks;
- reviews, enquiries and disputes; and
- IR35 enquiries.
5 reasons you should use the ETCS
- anyone who submits a tax return is at risk of a HMRC investigation;
- you could be investigated at random, at any time – even if you have done nothing wrong;
- the stress of an investigation can be considerable;
- HMRC is dedicating more resource to investigating taxpayers; and
- it could save you thousands of pounds.
To take up the ETCS, please contact the ETCS unit.