A tax investigation or tax enquiry, carried out by HMRC, can be a worrying, confusing and stressful time for anyone, whether their tax affairs are correct and complete or not. The complexity of tax rules and penalty implications for making mistakes is never more of an issue that at this time. It is therefore essential to get the right experienced and knowledgeable support at this time.
Tax Investigations are now more targeted than ever, with HMRC using their many available data sources to identify taxpayers with potential issues with their tax affairs or mistakes or omissions from their returns. Drawing on data from employers, investment houses, banks and the land registry amongst others, more and more regularly HMRC are correctly identifying issues with returns.
With changes to the penalty regime a few years ago, dealing with HMRC in the right way from the very start is key to protecting the rights of the individual or business, whilst also ensuring penalties are minimised by co-operating, disclosing and assisting HMRC, within the limits of what is reasonably required.
Wisteria’s tax team have dealt with many tax enquiries including in relation to:
- Property tax and Capital Gains Tax issues
- Under declared business profits
- Voluntarily alerting HMRC to tax irregularities
- Residency and domicile challenges
- Share schemes
- Trading status
- Business record issues
- International transfer pricing
- Valuations of assets
- Entrepreneur’s relief
Read our Tax Investigation PDFs