Anyone who is investigated by HMRC and incurs a penalty for “deliberate” evasion of £5,000 tax or more are going to “tracked” by HMRC for the following 5 years – a sort of tagging for tax evaders. They will have to submit Returns for up to the following 5 years after the end of the Tax Enquiry – showing more detailed business accounts information and detailing the nature and value of any balancing adjustments within the accounts.
A large percentage of businesses investigated by HMRC could face higher professional fees for the 5 years after an enquiry and risk further investigation by HMRC if the taxman doesn’t like the results! That’s on top of more tax, interest, penalties and professional fees for sorting the initial Enquiry and in addition to risking being named and shamed in a Civil Investigation of Fraud case!
The taxman won’t yet make tax defaulters wear orange jump suits but they really are turning up the heat on anyone subject to an in-depth tax inspection.
What does this mean for me?
Lynam Tax partners have a vast amount of practical experience in managing tax investigations and tax enquiries and in many we have been able to substantially reduce the amounts of money being sought by HMRC.
If you’re subject to a worrying Tax Enquiry or Inspection and need to discuss this with a sympathetic, experienced professional, who can fight your corner then:
For a free, private, no obligation consultation, call Paul Lynam today on 0845 643 9997
or Andrew Nutbrown on 07718 778710