Help, the Taxman’s coming and I am being investigated!
Tax Enquiries And Investigations
No individual or business wants to be scrutinised by the taxman but, if handled properly we can help you to minimise the hassle and disruption to your business or personal life allowing you to resume normal practice.
There are 3 main ways in which HMRC can initiate tax enquiries into your personal or business tax affairs. They can:
- open a “full enquiry” into your tax return, business or personal finances as a whole
- attend your business for a “business records check”
- open an “aspect enquiry” into particular figures on your tax return
In many cases the ‘aspect enquiry’ or ‘business records check’ leads to full in-depth tax enquiries anyway, where they have the right to look into all your personal affairs and not just your business practices!
The reasons behind an investigation or enquiry are many, and it is impossible to generalise because it really can just be a random choice, however there are certain criteria which will trigger an enquiry and they are usually when an anomaly is found in the tax return.
Shaikh & Co can help in a number of ways, depending on your circumstances, for example:
- When we prepare your tax return we will ask the right questions from you to pre-empt any problems
- If you are told of an upcoming ‘business record check’ we will talk you through the process, ensure you are fully briefed and prepared for what you will need to show to the inspector, as well as inform you of what you do not need to declare.
- We will provide all additional documentation and information as required
- We can attend your premises to advise you in a compliance check or other meeting between yourself and the tax inspector
- Should the outcome be that you have underpaid your taxes, we will negotiate with HMRC on your behalf to reduce the penalties
So if you have a tax enquiry pending, or just would like to ensure that should the taxman come calling your tax affairs are up to date, why not get in touch today?