Tax and VAT Vists
Tax and VAT Visits, Enquires and Investigations
VAT
If your business is VAT registered the VAT Verification visit is unavoidable, however the object is to have a tidy set of records that are easy to follow and as such get the VAT person out of you hair as soon as possible.
Compliance with VAT is becoming ever more complex. The VAT man in recent years has increased the level of intensity and aggression of their investigations so it is all the more important that your VAT returns are completed correctly.
They have recently started doing checks by telephone and correspondence. These are a more difficult thing to face and it is imperative that most of the interaction is done by a qualified and experienced accountant.
These enquiries start with a demand for all records etc to be supplied and often a copy of the accounts system back up disk - do not - unless you are a properly authorized computer geek, you are never sure what might be attached to your accounts system. More about this from time to time in our blog.
Inland Revenue
It is an unfortunate fact of business life that you may well come under enquiry by the H M Revenue and Customs through no fault of your own or of your accountant.
HMRC now investigates businesses at random as well as for specific reasons. A full investigation is not a pleasant experience for anyone. Without expert defense it is possible to get trampled all over.
However you are selected, you need an accountant who knows how HMRC works and thinks and is prepared to fight your case. We make sure that the Revenue keep to the rules and guidelines and don't step over the mark. We will talk you through the enquiry process and what to expect and support you throughout.
We will correspond on your behalf with the revenue taking the worry away from you
The Penalties
There are various penalties HMRC can seek to impose following an enquiry for undeclared income. As well as having to pay the tax, you can find them seeking penalties up to an amount equal to the tax, so doubling your tax bill. Interest on the late payment of the tax is also part of the arrangement - not a pleasant experience. We can help you minimize these penalties.