In recent years, the investigations with respect to tax, have evolved immensely. Nowadays, HMRC are adopting a quite aggressive approach towards challenging people and business owners they have doubt of tax evasion from. Compliance checks should be expected. Hereby are some helpful tips on how to handle HMRC tax investigations in London:
The paper works
At first you will b required to undertake a compliance check which will be carried out by the HMRC at any given time if they have identified a risk or during a random procedure. You will be advised of the start of a compliance check though a phone call. It is important that you listen intently to what is being said and write down whatever you can. There is no need to answer any query during the call but the gist of the call would be about what the HMRC are checking and the reasons behind it and also what informations or documents you are required to provide and by when. You may ask for clarifications about why they are asking for so and so documents if you don’t understand why.
Do not pay a deaf ear
It is utmost important that you do not ignore any compliance check nor any notices given by the HMRC. They have legal rights to enquire about your business and tax affairs and they certainly will not just vanish if you ignore them.
Keeping your calm will be very beneficial in getting through the enquiries. Tax enquiries are very stressful and unpleasant even though all your records are in order and filed correctly. Nothing alarming will happen if your tax affairs are in order and despite popular beliefs, justice is provided.