London Tax Investigations – What Are They And What You Need To Do
August 24, 2017
Many companies will face a routine tax audit every once in a while. Tax investigations and tax audits may be stressful and complicated. Unless of course you’re very sure of your position, you need to take professional advice as soon as a tax investigation or examination starts. Unless of course you are very sure of the position, you need to take advice when assessment or a tax investigation starts. The tax will check your records and systems, focusing on areas. Tax audits that are routine are Not as likely with regards to company tax or income tax. Tax audits could be anticipated every five years or so, each year whilst just a few percentage of company tax returns and income tax are investigated.
You make, pay tax or file tax returns late. Your costs are abnormally high for companies in your industry. You will find inconsistencies or variations between yields that are different, like a fall in income or increase in prices. Your tax yields are inconsistent with how busy your company is or your standard of living. You may want to think about joining or taking out insurance to help cover you against the expenses of a tax audit or tax investigation. The first you Will know about tax investigation or a tax audit is when Her Majesty’s Revenue and Customs contacts you.
A tax investigation will start with a letter asking for information. In case of a tax investigation, the letter will tell you whether HMRC is investigating a certain facet of your tax return or carrying out a full London tax investigation. Your accountant will also be capable to tell why there’s a tax investigation. Typically, a tax enquiry must start within twelve months of the due date for the tax return it relates to or twelve months after you actually filed the return, in the event you missed the due date.