Tax investigation protection

HMRC generated a record £28.9 billion during the last financial year from challenging accounts, tax returns and business records.

A check can be much more thank just querying a single aspect of your tax return.  it could be a review of the whole return and all the records.  That might include VAT and PAYE records or even involve an inspection by a team of HMRC officers.

You might be chosen for an enquiry due to the nature of your business, where you live, the property you rent out or perhaps because HMRC has decided to target your particular profession.

HMRC has a computer called Connect which stores all of the information the taxman collects on businesses and people.  Specialist analytical experts then trawl through all the data to identify potential risks.

However, a proportion of enquiry cases are selected completely at random.

It is not unusual for in-depth tax enquiries to last for well over a year and run up accountancy fees of thousands of pounds.

Once an enquiry has successfully concluded no additional tax may be due, but if you don’t subscribe to tax investigation protection you would still have your professional fees to pay.

To find out more about our tax investigations package please contact 01234 816936 or email karen@levettassociates.co.uk

 

Leave a Reply

Your email address will not be published.