One day, when you were setting up your shop, when the mailman suddenly delivered a brown envelope. You look at it with confusion and realized that this came from the HMRC. Know more about the HMRC in this useful site here. Yes, you know that you are doing nothing wrong, but an invitation for an investigation means that the taxman will check everything in your books, including the VATs, taxes, offshore interests, PAYE, and more.
A word of warning, though. Don’t be deceived by the friendly tone of the letter. You should not be fooled with the words that they want to have coffee with you because there’s an “irregularity” in your business.
The truth is that the taxman suspects you of tax evasion, avoidance, fraud, offshore accounts, and other irregularities, and he will check everything. If your books are not in order, things can lead to a bad situation where you will find yourself in prison.
Should You Proceed with the Investigation?
The thing is that you should never go to an interview alone. It would be best if you are wary of talking to the taxman over the phone, email, or personally without a friendly VAT specialist at your side. People from the HMRC are well-trained to squeeze out information that can be used against you so that you might be incriminating yourself unknowingly.
This Might Be a Random Investigation
Now, you might think that the inquiry is random. Sure, every business in your area may have gone to an interview or two with the HMRC. But the truth is that this department does not waste time on random inquiries. There are guidelines in the UK government that ensure that all of the inquiries are effective, and the inspectors will have a hefty bonus if they see something wrong with your books.
Unprotected Businesses are at Risk
The number of inquiries rises dramatically over the years. Many business sectors that are doing well are put under surveillance just because of their success. If the investigators launched several successful campaigns, billions of pounds can go to the Treasury and not in entrepreneurs’ pockets.
Who Can Help?
The thing is that you need to be ready whenever and wherever you are. This means that you should keep your books in order, keep receipts, and ensure that you pay the right amount of taxes. You can submit a limited company tax return on the deadlines with complete annual accounts and make sure that you present the papers promptly to the right authorities. A VAT specialist can work with you, and they can help you prepare your financial accounts.
The specialists can work alongside your accountant, and they have extensive knowledge of the tax field. Some of their responsibilities include the following:
- Review your company’s tax situation and prepare reports regarding disclosures
- Handle technical challenges in HMRC with care
- Connect with accountants and solicitors for your business
- Take your worries and stresses away so that you can sleep better at night
- Defend you from liabilities at all cost
- Have complete control during the investigation process
- You won’t have to talk personally with the taxman
- Your business’ legal boundaries will never be overstepped
- Prevent prosecution and criminal cases against your business
The good thing about contacting the right company is that they will add value to your business. You can focus on running your stores, and the accountant and VAT specialist will take care of your financial books. Their advice and help are invaluable to you, and they can help you navigate your way through an investigation without unnecessary stress.
If your business is at its early stages, you need the experts to grow it and comply with the tax codes. The good thing is that you can save from tax penalty payments, and you can save about 75% of your revenues from the taxman. This justifies the affordable fees that some specialists offer.
When you receive the brown envelope, it is essential to call an expert immediately. The earlier they get involved with the business, the more they can limit the damage that may fall on you. As a result, the more money you will save in the process.
This is a collaborative post.