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Related Content Find out more. HMRC challenges on the construction industry scheme are proving that it is expensive to get it wrong 09 February We have seen a significant increase in the level of HMRC activity in regard to reviewing the Meet the team. Get in touch with Nigel Morris. If you use FreeAgent, connecting your bank account allows you to import your bank transactions into the software automatically so you don't have to key in any data. Choose an explanation for each transaction e.
The Invoice Timeline on your FreeAgent Dashboard lets you see who owes you what, making it far easier to chase up late-paying customers. Find out more about invoicing in FreeAgent. FreeAgent makes it easy to keep track of all the expenses you incur when running your business, and in most cases, HMRC will accept scanned receipts instead of hard copies.
Find out more about expenses in FreeAgent. Take a look at our directory of accountants to find a practice that suits your business. You could try automating some of your day-to-day bookkeeping with FreeAgent — take a day free trial to find out how it can help you to nail the daily admin.
FreeAgent provides a unique tax timeline that shows live updates of your tax position and upcoming deadlines. You can also give your accountant access to your FreeAgent account so they can check that the information on your returns is correct and, if you give them authority to do so, even file on your behalf.
This will enable you to sort out any problems in your accounts before they become major issues. Disclaimer: The content included in this guide is based on our understanding of tax law at the time of publication. It may be subject to change and may not be applicable to your circumstances, so should not be relied upon. You are responsible for complying with tax law and should seek independent advice if you require further information about the content included in this guide.
If you don't have an accountant, take a look at our directory to find a FreeAgent Practice Partner based in your local area. Award-winning accounting software trusted by over , small businesses and freelancers. FreeAgent makes it easy to manage your daily bookkeeping, get a complete view of your business finances and relax about tax.
Registered in sunny Scotland No. You can have a confidential and free initial consultation with our expert solicitors if you want to discuss your situation. Get in touch with us today. You will not be notified by HMRC as soon as it is looking into your affairs but if it decides to formally investigate you, you may receive a letter from one of its departments asking you for more information.
This usually starts with limited scope such as a local compliance audit asking for more information about your latest tax return or a request for information regarding a property transaction, but it is not uncommon for these investigations to be extended should issues arise. How far back the HMRC investigates during a tax investigation really varies and depends on the facts of each case.
In some circumstances, HMRC may want to go as far back as 20 years to obtain information and documents. Other circumstances may be less than this. As well as being time-consuming and expensive, depending on how far back the HMRC investigate, this can also present many practical problems for a lot of people.
It is therefore important to know how to find solutions with the HMRC to avoid unpalatable estimated assessments. Put simply, how much tax you have to pay depends on whether tax has in fact been underpaid. If so, HMRC will want it paid. However, a tax inquiry will seldom be as clear cut as HMRC believe at the beginning. Often there will be factual variations, sometimes technical tax issues, and often we will discover other issues that will mitigate the tax due.
If tax has been underpaid then very often a penalty will be payable in addition to the unpaid tax. Various factors are relevant and expert advice is important to try and mitigate any penalty. No and yes. Whilst HMRC will often request a meeting this can generally be avoided, and the information they are seeking provided by us in a way that is preferable for everyone.
In more serious cases where there is a tax crime investigation HMRC can request an interview under caution, and different factors have to be considered on a case by case basis. In the most serious cases, HMRC can arrest and conduct an interview under caution. Never attend an interview under caution with HMRC by yourself.
You should always be represented by a specialist tax investigation lawyer. Some cases can involve detailed analysis of large volumes of financial records, bank statements and other documents. You may require assistance from a specialist tax lawyer to help you obtain, collate, interpret and present this. Alternatively, sometimes the quantity of paperwork can be contained if the investigation is very specific. The media tends to report examples of the most serious HMRC frauds or those involving high profile individuals.
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