Fully trained tax accountants
HMRC has tripled the amount of money brought in through personal tax investigations in the last few years. In 2013-2014, the tax authority raised 845-million pounds through investigations. HMRC is the U.K.’s tax authority charged with making sure there is enough money to support public services. Assistance to families who need financial support also comes from tax revenues. The government gives HMRC the green light to pursue criminal and civil investigations. For example, the authority is going after landlords for failing to report income on rental properties. Further, the government has given the authority more power to get information from third parties, such as letting agents and solicitors.
There are many companies that help businesses and individuals with hmrc tax investigations. Our team supports individuals in all kinds of tax enquiries. The company is made up of some former HMRC inspectors who have a lot of experience in tax investigations. It is best to hire a tax consultant to attend all meetings with HMRC and negotiate a settlement. They will help reach fair settlements and try to lower penalties. An investigation begins when an individual receives a letter from the authority. They will either request a formal or informal meeting. People are not legally obligated to meet with the authority, but they don’t tell people this. It is best to wait until one has representation. Consultants negotiate for people so they can go on with their lives and business. You pay them to take the stress off of you. During the investigation, the tax inspector likely asks for additional records and information. In return, the consultant gets the records from you.
If a company owes additional taxes, they will also be responsible for paying penalties. In many instances, the penalty can be as much as 200 percent of the tax due. However, in some cases, the professional consultant proves that you do not owe additional taxes. The final part of the investigation is paying the tax bill if one is due. Individuals who do not agree with HRMC may appeal to the First Tier Tax Tribunal. It is smart to have a tax consultant on standby. HMRC has started thirty new task forces to crack down on taxpayers. The task forces are looking at indoor and outdoor markets, the motor trade and the clothing industry. There’s word that the tax authority is better equipped to spot tax fraud thanks to online tax filing. The authority urges people to voluntarily come forward if they are under-reporting. In return, they receive minor penalties. Before making any moves, businesses and individuals should meet with the tax consultant.
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