Tax investigations can be stressful, time consuming and confusing if you are not aware of the procedures to follow with your own. Here at Coleman and Co we take care of the minor details, so that you can focus on the bigger picture and coming out the other side of your tax investigation unharmed.
Coleman and Co Accountants and Auditors
Coleman and Co consists of specialist experts in a number of taxation areas. With years of experience and expertise in the industry, we are able to deal with a whole range of issues from large company tax disputes to minor discrepancies. Helping both individuals and small to medium businesses, our knowledge ranges from high profile cases to your general run of the mill investigations.
We advise our clients on the best practices for their investigations and also provide professional guidance through:
- Any investigation whether it be income tax, corporation tax, inheritance tax, employment taxes and National Insurance.
- Fraud investigations.
- Voluntary disclosures.
The Start of an Investigation
The first step of a tax investigation is where you, or the business owner, will receive an official letter from the HMRC (Her Majesty’s Revenue and Customs) which you must comply with accordingly. Read this letter carefully and seek our professional advice on the next steps as this can be crucial to your financial state and reputation.
Your next questions may be ‘why am I being investigated?’ in which case we are on hand to explain all of the jargon and make it as straight forward as possible. In such a confusing and time-consuming period of time, a tax investigation can be mind blowing for anyone not in the know. In some cases, the HMRC do not make it clear what triggered the tax investigation, but with our expertise, we are quick to decipher the issues. They can often include:
- Omissions picked up by the HMRC.
- Random checks.
- You could be in the HMRC target area that can be in high risk of fraudulent activity.
- Something that stands out in your taxes e.g. earning less or more one month, returns are late or there are high expenses being claimed.
It is important to remember you cannot appeal against a HMRC investigation so getting decent representation from the start is vital.
The Process of an Investigation
The HMRC will state clearly in their initial letter what information they need from you. Our team are able to use this guidance to arrange your accounts into order and decipher the information needed to make the whole process as quick as possible.
Other areas our team help with throughout the whole process include:
- Negotiations such as extra time to pay penalties and the final settlement arrangement.
- Dealing with further requests from the HMRC.
- Collecting and ordering all information.
- Having you covered if the HMRC were to extend the enquiry for no needs necessary.
Past Tax Investigations
The HMRC have been carrying out tax investigations for years and the most recent tax crackdown has brought in £468million. With increased pressure on smaller businesses to focus on their accounts and taxes, Coleman and Co has never seen so much demand for accountants like ourselves.
With our more than adequate services, care and support during your tax investigation, you can rely on Coleman and Co for anything related to taxes. With techniques to avoid further investigations, tip to protect yourself from the cost of future tax investigations and accurate evidence, you get great peace of mind working with our team.
Call us today on 028 9266 3599 to speak to our team about your upcoming tax investigation.