The aim of a business contract is to try to provide certainty for both parties.
Resolving A HMRC Enquiry Or Investigation
One80’s tax investigations specialists work with businesses and individuals who have received notification from HMRC that they are launching an enquiry or investigation into their tax affairs. This can be triggered by a range of events, including:
- errors on your tax returns that need correcting
- filing returns or paying tax late
- expenses being unusually high for your industry
- tax returns not being consistent with your standard of living
- receiving income from property
- operating in a high risk industry
- HMRC receiving a tip-off
WHAT WILL HMRC EXPECT ME OR MY ACCOUNTANT TO PROVIDE?
HMRC will issue an ‘information notice’ detailing the information they require to assist them with their enquiry. This may include:
- Your self assessment tax return
- Your company tax return
- PAYE records and returns
- Your accounts and tax calculations
Penalties can be issued if you a respondent does not comply with their requests.
HOW DO I STOP AN ENQUIRY OR INVESTIGATION?
HMRC aim to provide appropriate support to small businesses where genuine mistakes have been made. Mechanisms such as ‘Time to Pay’ can be available in such instances and our team can assist you in negotiating this with HMRC.
Should HMRC escalate the initial enquiry, then you should consider speaking to one of our tax investigations experts, who can assist you with fulfilling your obligations on time with minimum stress.
HMRC have a range of powers which allow them retrospectively review your tax affairs in previous tax years, typically those timeframes are between 4 and 20 years depending on the severity of the situation.
CONSIDERATIONS
The costs associated with being the subject of a tax investigation can be significant, not least for the time you will spend on dealing with HMRC’s requests, which is time away from your own business.
Preparation of accounts and records can mean additional charges from your accountant, and if HMRC were to find you at fault, then a penalties can be applied in addition to the settlement of any unpaid taxes (with interest charges).
GET IN TOUCH
Our team can act on your behalf to deal with a wide range of tax enquiries and investigations. We have recent experience in:
We have recent expertise in negotiating settlements in many instances on the best possible terms and arranged time to pay where needed in the following types of enquiries and investigations:
- Film Schemes
- IR35
- Disguised remuneration
- EBT and EFRBS arrangements
- Contractor Loan Schemes
- Business property renovation schemes
OUR LATEST CASE STUDIES
Contract Disputes
Shareholders Disputes
Some business founders, understandably, want to keep all the ownership of the business they’ve worked for years to establish in their own or their families’ hands.
Valuations
Valuations can be needed for a range of business purposes.
Contract Disputes
Contracts are a normal factor in business life.