No business is too small or too large to be selected for an HMRC tax investigation. That’s why many of our clients subscribe each year to our tax investigation service to cover the cost of our fees should they be the subject of an enquiry into tax, VAT, PAYE and benefits.
These enquiries have become more frequent, targeted and in-depth, and this is set to continue after what has been an unprecedented year for business. For the tax year 2019/20, HMRC recovered £36.9 billion in additional tax as it aimed to close the UK tax gap.
Our tax investigation service is an annual subscription service, effectively an insurance policy, to cover the costs of our fees for handling an HMRC enquiry on your behalf. It is important to point out that even if the result of an investigation concludes there is no adjustment to your tax position, the cost of a defence is potentially huge with cases taking longer.
With the level of government support given to businesses during the pandemic, the approved Coronavirus Job Retention Scheme as well as Self-Employment Income Support Scheme payments will also be under investigation.
The good news is our tax investigation service covers these schemes for clients who subscribe to the service. Gift Aid and Stamp Duty Land Tax, including its regional equivalents, are also covered.
If you haven’t subscribed or renewed your subscription please do so by 31 July 2021. The cost of arranging your own defence can be costly should your business be randomly selected. And if you are selected, it doesn’t mean you have to simply concede to HMRC demands. Our tax team can effectively manage your case and make sure that any tax liabilities are fair and reasonable.
Contact your nearest James Milne office for details or request further details mail@jamesmilne.co.uk
The subscription year runs from 1st August and just might be the best business decision that you make this year.