Problems with the tax man

What is a tax investigation?

A tax investigation is an enquiry into your tax affairs by HMRC. HMRC are conducting more and more tax investigations.  This means that even the most careful taxpayers could come under the microscope at some point. You may think you have everything in order, but detailed inquiries from the tax man can cause stress and anxiety and take up a great deal of your time. If you are on the receiving end of a tax investigation, it is vital that you receive expert advice.

What happens during the investigation process?

HMRC will send you a written notice. You will then be asked to provide information to HMRC.  It is important to respond promptly.  Help HMRC where you can and provide the requested records. However, before sending information, make sure it gives an accurate picture, and does not raise more questions. If you think that the information that you send might raise questions in HMRC’s mind, you might find it speeds things up if you explain any apparent inconsistencies when you send it.

How long will the investigation take?

The length of time a tax investigation takes varies widely depending on how complex it is and the size of your business. A full investigation takes on average 16 months.

How we can help

If you are already in dispute with HMRC our experienced tax specialists can help.

We can help with preparing disclosure reports as required under Code of Practice 9 (suspected serious tax fraud)  and resolving tax investigations being conducted under Code of Practice 8 (tax avoidance).

If tax has been underpaid, there may be a penalty in addition to the unpaid tax.  Penalties can vary from nil (that is, with any penalty being suspended) to as much as 200% of the tax due.  How you deal with the enquiry makes a big difference to the final amount of the penalty.

Where we submit your tax returns, we can provide cover against the cost of tax enquiries.

If you would like more information or advice, please call us on 01932 868444 or email info@wtca.co.uk to arrange a free no obligation meeting.

Thinking about starting a business?

Everyone needs a little guidance when starting something new, particularly if you are a new business owner.

Over the years we have helped hundreds of new businesses on the road to success and we can help you too.  We have helped businesses in a variety of sectors from construction and manufacturing to hospitality and leisure.

Most business owners are specialists in their industry in which they wish to launch their business, however they may not be as knowledgeable when it comes to dealing with the associated legal and financial aspects of setting up a business.

This is where we can help!

There are often hidden costs when starting a new business. I am sure you will have thought of salaries, software and rent, however there are other costs such as insurance, licences, taxes and not forgetting unforeseen emergencies.

This is how we can help!

We offer a range of accountancy, tax and business advice services to make sure your fledgling business gets off to the best possible start.

  • Writing a business plan – Writing a business plan is essential for a successful business.  Running a business without a plan, is like driving a car not knowing your destination
  • Preparing cash-flow projections, budgets and trading forecasts
  • Advice on choosing the right business structure – sole trader, partnership and Limited Liability companies. Getting the right structure is important and can help save you money
  • Advice on available financial sources and help with the preparation of proposals
  • Establish a working relationship with your bank
  • Complete all legal registration procedures
  • Deal with all your business taxes efficiently and cost effectively. Engaging a tax expert can often help your business save money
  • Manage all company secretarial issues
  • Manage and run your payroll
  • Advice and help with the choice of accounting software and provide training if needed.
  • Understanding the types of business insurances, some are compulsory and other advisable.  We can help you navigate the insurance world
  • Once your business is established we can help you grow your business.

So, how would you like us to help you make a success of your business?

Contact us for more information or help:  info@wtca.co.uk  01932 868444 or 0207 381 2022.