We were interested to read recent analysis showing that compliance investigations into self-assessed business taxes by HMRC’s local teams generated £468 million in tax and this was largely driven by targeting small and mid-sized businesses (SMEs).
“An additional £486m in tax was generated by Tax Investigations, year ending March 31 2016”
UHY Hacker Young (information obtained via a freedom of information request)
It seems that facing pressure to boost tax receipts HMRC has turned it’s attention away from better prepared larger businesses and towards smaller targets.
This means that there maybe an increased chance of your business facing a tax investigation from HMRC. They may be incorrect and select the wrong targets! Investigations often come at any time at random, the stress and cost of an investigation can be considerable.
Protect Yourself with our Tax Investigation Service
- our fees will be paid for if HMRC investigate you
- for limited companies and partnerships, the tax investigation fee protection service provides inclusive cover for all relevant individuals
- for a summary of the protection afforded by our service (including the indemnity limits) please refer to our Service Summary.