How to reduce penalties for accounting errors.
HMRC recently announced new powers to investigate companies they suspect of evading taxes, so as a business owner, you might be worrying about what happens if your company comes under scrutiny.
Even if you’ve played entirely by the rules, the stress of an investigation can be a lot to deal with, especially after the last few difficult years. However, you needn’t worry – understanding the process will help you and your company deal with the situation and we’ll be on hand to support you throughout.
If, for whatever reason, you come under investigation, here’s what you need to know.
Why are you being investigated?
Just because your business is being investigated, it doesn’t mean you’ve done anything wrong. Some investigations are called entirely at random.
Otherwise, it might be that the sector you work in is facing a lot of scrutiny, as is currently happening with companies selling electronic sale suppression systems.
Alternatively it may be that you filed your tax return late, or that it contained accidental inconsistencies.
Knowing exactly why you’re being investigated by HMRC is a great way to understand the severity of the investigation and how you can best prepare.
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