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I have a HMRC Tax Investigation, But Why Me?
HMRC has a back log due to covid and now it is following up.
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Why am I chosen for a Tax Investigation
There are many reasons why you may be chosen for a tax investigation. One of the most common reasons is if HMRC suspects that you have not declared your income or gains correctly on your tax return. Other reasons may include:
Your tax returns show inconsistencies or discrepancies
Your business has been flagged for underreporting income or overclaiming expenses
You have failed to pay the correct amount of tax
You have been anonymously reported to HMRC
Your lifestyle or spending habits are not in line with your reported income
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HMRC VAT Investigations
Business & Tax Investigations
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Un Reported Income
Property income Investigation
The tax payers with international income or residency status is very complex and can have taxable consequences.
So,
What is HMRC Tax Investigation?
HMRC tax investigation is a process carried out by the HM Revenue and Customs to check whether taxpayers have paid the correct amount of tax or not. These investigations are not random, but rather, they are initiated when HMRC suspects that a taxpayer has not paid the right amount of tax, or when there is a clear indication of tax evasion or avoidance.
So,
What Information Does HMRC Hold for You or Your Business Before Starting an Investigation?
Before starting a tax investigation, HMRC will gather information about you or your business from various sources. This may include:
– Your tax returns
– Information from third parties, such as banks, employers, or customers
– Data obtained from HMRC’s Connect system, which uses data-matching techniques to identify potential tax evasion or avoidance
So,
What Should You Do Now?
If you have been notified of a tax investigation by HMRC, it is important to take action immediately. Here are some steps you can take:
– Seek professional advice from Harkia Chartered Accountants, who are experts in dealing with HMRC tax investigations
– Gather all relevant documents and records related to your tax affairs
– Cooperate fully with HMRC and provide them with accurate and truthful information
– Be honest and do not attempt to conceal or destroy any documents or records, as this may force HMRC to start a criminal investigation into your affairs.
Next Steps
How We Can Help You in HMRC Tax Investigation?
Dealing With an HMRC Tax Investigation
Dealing with an HMRC tax investigation can be a daunting and stressful experience, but it does not have to be. At Harkia Chartered Accountants, we have a team of experienced tax experts who can help you navigate the investigation process and ensure that your tax affairs are in order.
Our services
– Reviewing your tax returns, business records, and identifying any errors or inconsistencies
– Providing guidance and support throughout the investigation process
– Negotiating with HMRC on your behalf to achieve the best possible outcome
– Representing you in any appeals or tribunals (hire independent legal solicitors)
In conclusion, if you are facing a tax investigation by HMRC, it is important to seek professional advice and cooperate with them fully. At Harkia Chartered Accountants, we are here to help you through this challenging time and ensure that your tax affairs are in order. Contact us today to discuss how we can assist you.
Why us.
We are experts in Diverse fields such as Accounting, Tax, Will, Trust and Probate.
Chartered Accountants
Licensed by world’s top accountancy bodies. ICAEW & ACCA firm.
Expert Staff
For effective Tax Planning and Minimising taxes.
Advisory
Tax and Business advisory to save Tax and future planning.
Digital & Cloud
We are up to date with modern changes but still keeping traditional client base comfortable.
Succession Planning
Effective Tax planning and advise for passing assets to children when Drafting Wills and trusts.
Deadline Management
Our effective system ensures that none of your deadlines are missed thus avoiding penalties and stress.
Our Accreditations & Certifications
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VAT was a problem for me, not anymore. Thanks to Harkia for establishing a system that works.
Elizabeth J - Retail
Director/Owner
It’s good to have a reliable firm to take care of our accounting function.
Olivia H - Solicitor
HMRC investigation was very daunting for me but Harkia sorted it out fairly easy.
Denise Rob
Director/Owner
The team at Harkia is very professional and friendly, 100% recommended.
John Whitmore
Managing director
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