Your business may still be subject to a tax investigation even if you’ve been up-to-date with your taxes. This is due to the new system called Connect, which the HMRC introduced in 2017. Connect is a state of the art tool that helps identify people who try to evade tax payments. This new system is responsible for nine in ten tax investigations by HMRC.
Anyone can be subjected to a tax investigation, so we offer a fixed and comprehensive investigation package that offers protection against accounting fees you have to pay for any investigation.
Some small business owners do not think they have to worry about tax investigation. However, about 95% of businesses in the UK are small businesses, and they employ nearly 15 million people.
HMRC reduced its compliance spend by about 35 million, but the tax yield from small businesses increased by over £200 million to £5.5 billion.
Medium-sized businesses in the UK yielded up to 14% of taxes in the years 2018/2019. Tax investigations by HMRC for businesses in the upper range of this group would likely to be carried out by trained teams, and they will spend long hours on-site during the investigation, which may come at a high cost.
Large businesses generate over £10 billion in taxes. Between 2018 and 2019, The Revenue spent about £25 billion on compliance-related work, which yielded about £1 billion extra tax payments.
One-man bands yielded about £2.4 billion from taxpayers earning less than £150,000 and had below £1 million in total assets.
High net worth individuals
High net worth individuals yielded over £1.8 billion after the HMRC spent over £145 million on compliance.
The HMRC would always carryout investigations, but The Accountants London can offer the following services if your business is subject to a tax investigation.
We also offer help on the following investigations;
Call The Accountants London today on 020 7183 2362 to have our well trained and expert accountants represent you during any tax investigation.