Tax Investigation Specialists
At MyTaxDoc, we understand the critical role taxes play in business operations. Accurate calculation and meticulous organisation are paramount to ensure compliance, especially since HMRC may conduct random tax return investigations without prior notice. That’s why our team of dedicated tax advisers at MyTaxDoc is here to assist you in keeping your tax affairs precise and secure.
How do i Know if HMRC is Investigating me?
At MyTaxDoc, we understand that your company’s records may undergo thorough inspection based on various factors prompting an investigation. If selected, HMRC will notify you via a letter typically sent in a brown envelope, outlining reasons such as late-filed returns, high costs above norms, or sector-specific targeting.
At MyTaxDoc, our expert tax advisers and accountants are here to support you in gathering the essential financial records required for submission. This can encompass VAT records, bank statements, credit card statements, and payroll records. Count on MyTaxDoc to ensure your compliance and assist you through the process efficiently and effectively.
Main areas we Assist with Tax Issues
Managing tax risks
VAT investigations
Due diligence reviews and health checks
Defence advisery services in tax prosecutions
Specialist investigations cases, including tax avoidance and fraud
Advice on HMRC powers to demand documentation and information
All types of tax enquiries and investigations, including PAYE, self assessment, national insurance, VAT and the Special Compliance Office
Negotiating with HMRC on your behalf, to ensure the best possible outcome to any tax disputes, appeals and tribunals
What are the Likely Outcomes?
The outcomes of a tax investigation typically fall into three categories: overpaid tax, underpaid tax, and deliberate misconduct. If you have overpaid tax, you are entitled to a refund along with any accrued interest. Conversely, underpaid tax requires prompt settlement of any outstanding amounts within a month, potentially with additional interest charges.
Deliberate misconduct is the most severe outcome and can lead to a criminal investigation. In such cases, penalties are imposed depending on the circumstances and whether you proactively notified HMRC of any errors. It’s crucial to handle these situations carefully and seek professional advice to mitigate risks effectively.
Ready to Elevate Your Business?
Starting a business as a limited company director is a significant step. Having a plan—and a dedicated accountant—is crucial to your success. Get in touch with MyTaxDoc today. We’ve been helping contractors focus on what they do best for years. Let us take the stress out of your tax management, so you can concentrate on growing your business.
Contact MyTaxDoc now – because life’s too short for mediocre accountants!
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