Being targeted with an HM Revenue & Customs (HMRC) tax investigation can be a very daunting experience, which is why it is wise to seek specialist advice at the earliest possible opportunity.
Worryingly, any individual or business can be targeted by the tax authority at potentially any time – and HMRC does not even have to provide a reason for launching an investigation.

HMRC have targets!

£33 Billion – the estimated tax gap between what HMRC should collect and what it does collect.
£17.1 Billion – the tax gap is attributed to small businesses (£13.7bn) and individuals (£3.4bn).

What does the investigation process involve?

If you have been selected for investigation, HMRC will write to you to inform you of the impending enquiry, usually requesting that you respond within 30 to 35 days.
Throughout the investigation process, it is important to respond to any written requests received from HMRC within good time, to ensure that hefty penalties are avoided.
There are two main types of HMRC investigation:

• An ‘aspect enquiry’ – which may only focus on an individual aspect of your tax return and is likely to be resolved much more quickly.
• A ‘full enquiry’ – which is more detailed and may require you to provide HMRC with full and comprehensive business records for the entire year of enquiry.

Depending on the type of investigation you are facing, it could take anywhere between three and 18 months to resolve.
This is why it is wise to appoint an accountant to act on your behalf with a view to resolving the matter promptly and bringing it to a timely and satisfactory conclusion.

How can I benefit from a tax investigation service?

To protect you against the ever-growing focus and activity at HMRC, Grunberg & Co offer our clients’ a tax investigation service.
We hold the policy directly with the insurer, reducing the administration for all parties involved so that we can offer fantastic services at significantly discounted rates.
In the unfortunate event of being selected by HMRC for investigation, you can relax safe in the knowledge that there will be no additional accountancy fees to pay. Just send us the notification from HMRC and we will deal with it.
The best defence to an HMRC investigation is to engage professional representation from us from the outset, so why not contact us today to find out how we can help and protect you with our tax investigation service.
As mentioned previously, any business or individual can be targeted with an enquiry at any time.
Whether into your business accounts, or your own personal tax affairs, investigations have become more aggressive and time-consuming and can take many months, even years to conclude.

How we can help

The best defence to an HMRC investigation is to engage professional representation from us from the outset, so why not contact us today to find out how we can help and protect you with our tax investigation service.