Date posted: 10th Aug 2021
We understand that HMRC are increasing the number of investigations into taxpayers and businesses.
It is anticipated that this trend will increase, given that HMRC staff will be re-assigned from working on the furlough scheme, when the scheme ends in the coming months. However, it comes as no surprise that HMRC are scaling up their activities given the state of the country’s finances and the need to recover monies used to pay various COVID-19 related grants.
HMRC enquiries can be raised randomly or due to HMRC discovering undeclared income via other means such as their electronic database, CONNECT – https://www.cliveowen.com/2021/03/what-do-hmrc-know-about-you/
Given the change in HMRC focus, taxpayers and businesses need to ensure that their affairs are in order and if there are any discrepancies, then HMRC will be more sympathetic, if you come forward. It could be that you have undeclared property income or a capital gain to report and we can help with the appropriate HMRC disclosures.
Even if you have nothing to declare, HMRC enquiries can be time consuming, stressful and costly. Our Tax Investigation Service covers the professional costs of assisting clients with HMRC enquiries or investigations and should be a consideration for all businesses and individuals going forward. If you do not currently subscribe to the service, then please give us a call.
If you have undeclared income or gains and need help with making a disclosure to HMRC, please call us.