Since 1 April 2009 HMRC’s powers have increased dramatically and they now routinely:
- Inspect business premises – in some cases, unannounced
- Check your records before a tax return is filed
- Demand records without issuing a formal notice
- Ask third parties to check the accuracy of information
- Investigate direct taxes, VAT and employer compliance, since inspectors are now cross trained.
Their aim is no longer to open full enquires, but to target taxpayers and convince them to comply with HMRC underpayment estimates as quickly as possible. The most efficient way for them to do this is to demand early stage pre-return meetings.
Taxwise Fee Protection protects you from the outset…
- HMRC Full Enquiries
- HMRC VAT Reviews
- HMRC Employer Compliance Reviews
- HMRC Intervention relating to Self Assessment, employer compliance and VAT
- HMRC Aspect Enquires
- Pre-Intervention/Dispute cover
- Directors and partners cover
If you receive notice that HMRC intends to look into any aspect of your financial affairs, the first thing you should do is contact us. We will communicate with HMRC on your behalf and do whatever is necessary to ensure that the outcome is as favourable to you as possible. However, even if the result is that no extra tax is payable, there will be professional costs to pay and, in some cases, these can be substantial.
We therefore recommend that all our clients take up our Taxwise Fee Protection service that protects you from the potential cost of accountancy fees that would be incurred in the event of an investigation or dispute with the tax authorities.
Under no circumstances should you agree to meet with HMRC without your tax adviser being present. Taxwise Fee Protection will cover the costs of our Tax Partner or one of his Chartered Tax Advisers being present at any such meeting.
We believe the service we are offering is second to none and with HMRC becoming ever more aggressive in reviewing people’s tax, everyone should be protected. Even if you believe you are already covered (for example by membership of a professional or trade organisation) you should look at the scope and level of protection and check whether any existing cover you have is as comprehensive as this.
If you would like further information about our Fee Protection services, please telephone 01872 276116.