Almost a quarter of all HMRC investigations last a year!
Author: Russell SmithSeptember 18, 2015
HMRC have said that they have made one million interventions last year collecting £26.6 billion from compliance work.
Of all the tax investigations, 23% are still ongoing after a year.
Some tax investigations last more than three years!
There are many types of tax investigation that HMRC can carry out. They can look into any type of tax – income tax, corporation tax, VAT, PAYE/NI. Some investigations are very brief and just want to check records, others can look into certain transactions.
As part of our service, we deal with tax investigations. This is because we don’t know how long they will take and how much work will be needed to complete them. Therefore, we don’t want the client having to worry about being charged extra fees.
In a course of a business life, a tax investigation is, at some point, likely. The best thing to do is to ensure you are keeping good records so if they do investigate, the information is at hand.