Opening a Tax Investigation
When HMRC open a tax investigation into your tax affairs they will send you a letter and normally ask you to supply them with a range of business records.
Do not submit anything before appointing a tax investigation expert or even contact HMRC until you have had professional tax investigation advice and ensured your interests are protected.
The first few days after receiving a letter from HMRC are the most important days in a tax investigation which can stretch over a two year period. If not longer.
During The Course of The Tax Investigation
Livingstones will negotiate with HMRC on your behalf so that you no longer have any direct contact with HMRC during your tax investigation.
This will enable you to carry on living your life without the added stress of waiting for the next dreaded letter from HMRC to come through your door.
Throughout a HMRC tax investigation, the inspector is likely to ask for additional records and information. We will receive these requests and if HMRC can legally ask for them we will then request them from you.
Negotiating a Settlement
Livingstones will negotiate with HMRC during your tax investigation to calculate the outstanding tax due.
If you do owe additional tax you will be liable for a HMRC tax penalty but it is our job to get you as low a tax penalty as we can, and a fair one at that.
If you do not owe HMRC a penny then we will prove that!
It is so important to appoint a professional tax investigation adviser to deal with your tax investigation as they are used to negotiating with HMRC.
Appealing Against HMRC
We will never agree a tax settlement if it is not legal and enforceable.
The End of A Tax Investigation
Once all the their checks have been completed, there is only one final hurdle to jump.
Paying Your Tax Bill
Pay this and enjoy life without having a stressful tax investigation hanging over your head.
Do you fear a tax investigation?
Many small to medium sized business owners dread an HMRC investigation and that’s no surprise – tax investigators have a reputation for making their own assumptions and not brooking any arguments.
But that’s unfair, to a point. Not because investigators aren’t sometimes draconian, but because qualified, experienced accountants CAN argue with HMRC, present a case and prove it. With our help, appeals can be made against judgements and they can be overturned if there’s evidence that HMRC has drawn incorrect conclusions.
Being under investigation is very stressful, whether it’s to ensure compliance or because there’s suspicion of infringement regarding income tax, VAT or any other form of business taxation. Business owners rightly worry whether they have all the correct documentation, that their accounts are in order and whether or not they might implicate themselves unwittingly because they don’t thoroughly understand the situation.
If you have received a letter from HMRC warning of an impending tax investigation, getting the help of experienced tax negotiators is vital, and the earlier the better. We can help with creating missing accounts or analysing previous accounts to present an accurate picture to HMRC.
HMRC often relies on the fact that business owners aren’t that well informed about the extent of its powers. Livingstone Accountants can field all requests from HMRC and ensure that the correct response is given. Some requests for information may overstretch HMRC’s powers and rights; we will advise you on the information that you are obliged to give out.
The early period of an investigation, the receipt of the first letter from HMRC, is all important. Your initial response can set the tone of an investigation that can last for years. Get in touch now.
Call on (020) 8903 9538 and we’ll take steps to alleviate your stress and worry.