Facing the daunting prospect of an HMRC tax inspection? At Low Cost Accounts, our experienced team is here to help you navigate the complexities of an HMRC tax inspection with confidence. Our experts have a deep understanding of the intricacies involved, ensuring that you are well-prepared for the process.
Whether you’re an individual or a business, our dedicated professionals will stand by your side throughout the HMRC tax inspection journey. Don’t face it alone; let us be your trusted partner in handling every aspect of your HMRC tax inspection.
Tax investigation cover
If you subscribe, we can make a claim against our insurance policy in respect of fees incurred when we defend you (up to £100,000 per claim).
It covers any of the below:
A full enquiry
An extensive examination covering all aspects of the self-assessment tax return, including scrutiny for compliance with HMRC tax inspection requirements.
An aspect enquiry
An enquiry into specific entries of a return, which may be initiated by an IRS investigator.
A business inspection notice
HMRC conducts a thorough inspection of the business premises, assets, invoices, and documents as part of the hmrc tax inspection process.
Compliance visits
A routine PAYE/VAT/CIS visit where it is considered that professional representation is necessary
Disputes
This is a challenge to the accuracy or completeness of any of your taxes, and it could trigger an investigation by an IRS investigator.
Other checks
These may include IR35, code of practice, gift aid, IHT or employment disputes
Navigating an HMRC tax inspection or dealing with an IRS investigator can be a stressful experience. That’s where Low Cost Accounts comes in.
Our team of seasoned professionals specialises in assisting individuals and businesses facing both HMRC tax inspections and IRS investigators. We provide comprehensive support, from document preparation to representation during the inspection. With our expertise, you can rest assured that you’re in capable hands, ensuring that your interests are safeguarded throughout the process.
Trust Low Cost Accounts to be your reliable ally during HMRC tax inspections and when dealing with IRS investigators.
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An HMRC tax inspection is a thorough examination conducted by Her Majesty’s Revenue and Customs to assess a business’s compliance with tax regulations. During an HMRC tax inspection, officials review financial records, tax returns, and other relevant documentation to ensure that taxes are accurately reported and paid. HMRC tax inspections are a routine part of HMRC’s efforts to maintain tax fairness and integrity in the UK.
When facing the prospect of an HMRC tax inspection, it’s crucial to have experienced professionals on your side. Low Cost Accounts specialises in helping businesses navigate the complexities of tax inspections. Our team’s expertise in tax compliance and record-keeping can significantly reduce the stress associated with HMRC tax inspections. We proudly recommend Low Cost Accounts as your trusted partner to ensure a smooth and successful outcome during an HMRC tax inspections.
FAQs
What triggers a tax inspection?
Tax investigations and frequent tax audits will take place if you file tax returns late, pay tax late or make errors that need correcting. there are inconsistencies or substantial variations between different returns, such as a large fall in income or increase in costs.
What is a HMRC inspection?
An HMRC tax inspection will usually be initiated with a straightforward request to provide information and documents so that a taxpayer’s tax liability can be properly assessed.
How do you know if HMRC are investigating your tax return?
If HMRC is investigating you formally, you will receive a letter explaining that they have started an official investigation and asking for additional information.
What triggers a HMRC inspection?
An HMRC inspection can be triggered by various factors, including someone reporting unusual activity in your accounts, noticeable inconsistencies between tax returns (such as a significant income drop from one year to the next), frequent late filing of tax returns, or accounts that don’t align with industry standards.
What are red flags for HMRC?
Filing tax returns late can not only result in penalties but can also be viewed as a ‘red flag’ by HMRC, potentially increasing the risk of a tax investigation for the individual in question.