HMRC do not need a reason to investigate you and they can investigate anyone at random. Be prepared.
We have noticed a more aggressive attitude from HMRC in recent years and we are very concerned about this new approach, especially as this will mean more and more innocent businesses and individuals are likely to be investigated.
The tax man has the power to inspect business documents and assets at your premises, ask for documents and information, make unannounced inspections and go back up to six years to investigate matters.
Disruptive, intrusive and expensive – when HMRC investigates it can drag on for a year or more, creating mounting costs and rocketing stress levels.
HMRC may have you in their sights…
Last year HMRC recuperated an additional £28.9 billion from tax investigations.
It was also HMRC’s seventh consecutive year of record total tax revenues, collecting a total of £574.9 billion – £38.1 billion more than the previous year.
Investigations are certainly worth the effort in the eyes of HMRC…