07 Apr 2020
Throughout March, the Government introduced a number of financial packages to support businesses severely impacted by the coronavirus pandemic. This support was announced on an almost daily basis, which meant at times the public highlighted gaps or were left waiting on more detailed clarification on who was eligible and what for.
At we progressed toward April, more information came to light, and procedures started to be put into place.
Given the amount of finance which is being made available to help businesses during this unprecedented time, it would be wise to assume that HMRC will be keeping a close eye on where this funding goes.
HMRC already use sophisticated software to cross match a wide range of data sources, looking for anomalies in tax declared and tax collected. If anomalies are found this will likely lead to an investigation. They do of course carry out random investigations as well.
We would expect that HMRC investigations to increase to validate that the financial packages are being claimed correctly and legitimately by those eligible.
It's important to remember that anyone can be selected for investigation (business, director or individual tax payer) and that it will cost you even if you have done nothing wrong.
If you've not considered Tax and VAT Fee protection before, now might be a more appropriate time. For a modest annual fee, the service will safeguard you from the cost of the professional fees associated with a tax investigation giving you peace of mind.
How the tax investigation service works
In the unfortunate event that you are selected for investigation you can relax in the knowledge that there will be no professional fees to pay.
The service covers up to the equivalent of £100,000 towards our professional fees resulting from an HMRC investigation.
Professional representation on all matters relating to your investigation will be provided, ensuring that the enquiry runs as smoothly as possible and proving you with peace of mind. We also deal with the insurers on your behalf:
- Expertise and experience in dealing with HMRC
- Peace of mind that the experts are dealing with HMRC on behalf
- Dealing with HMRC on your own could make matters worse
- Early intervention can lead to early resolution
- Additional tax due can be avoided or mitigated
If you would like to protect yourself from the potential costs associated with an HMRC investigation, call 02380 234 222 or email accountants@hjssolutions.co.uk