The Shires Accountants team are vastly experienced at supporting clients through the tax examination process.
HMRC examinations are divided in to two categories “tax enquiry” and “tax investigation” however don’t be fooled by thinking one is less concerning then the other as effectively in legislation there is no difference between the two.
Principally in a tax enquiry HMRC will be requesting information about particular entries in a return which generally will be within a specific period.
Whereas when HMRC opens an “investigation” they will be looking at the entire tax return which may also include various periods.
In an both examination methods HMRC will usually ask to see all the business records including supporting documentation such as bank statements, bills, VAT receipts, mileage records, expense claims, office diary’s and financial accounts, either held by the taxpayer or prepared by the accountant acting for the taxpayer.
HMRC will examine the records provided to confirm that these match the figures reported and claimed.
The three most important points in the entire process are:
No matter what your circumstances are, rest assured that we will have dealt with it all before. We have managed cases that have included small genuine oversights right through to large scale fraud which has involved the National Crime Agency.
Our experience means that we understand the complexities of the UK tax regime and the way that HMRC’s processes and procedures work. We are also experienced in litigation and have advised and defended clients in a range of cases at Tribunal.
We offer a free no obligation confidential meeting and would welcome the opportunity to discuss any requirements you may have. Call us on 01270 820 273 or click to Get in touch.
We offer a free no obligation confidential meeting and would welcome the opportunity to discuss any requirements you may have. Call us on 01270 820 273.
You may have made a mistake on a previous tax return or forgotten to tell HMRC about some income, profits, property or other gains. Disclosing these inaccuracies to HMRC before they realise the error and investigate you usually means the situation is resolved with lower penalties and at considerably less cost to you. This is known as making a voluntary disclosure.
A forced disclosure is when HMRC prompt you to disclose any income, profits, property or other gains you have made but failed to declare. Forced disclosures often incur greater lower penalties as deliberate acts are taken into consideration.