NEW APPROACH FOR HMRC TAX INVESTIGATIONS

Apr 24, 2018

Over recent years, HMRC have shown an increased appetite for launching Tax Investigations where they believe there to be a reasonable possibility of collecting additional tax liabilities.

However, with the pressure of having fewer resources and the imposition of more challenging tax collection targets, HMRC have now introduced sophisticated technology to assist them.

HMRC systems are collating huge amounts of information about ALL of us and using this information to analyse year on year fluctuations and discrepancies in addition to real time comparisons against actual data and industry norms. On top for this more focussed approach, it will come as no surprise that HMRC are being considerably more aggressive when it comes to imposing penalties and interest charges. In certain situations and without the right representation, penalties alone can be as high as 200% of the additional tax due!

Afford Bond Partner, Paul Edwards said “It is imperative that taxpayers seek expert advice if they find themselves under a detailed investigation by HMRC. Early action in appointing an experienced advisor will assist in achieving a fair and equitable outcome with the inspector.”

Afford Bond are Cheshire’s leading Chartered Accountants and tax experts with offices in Nantwich, Wilmslow and Chester – our key competences are accounts, audit, taxation, payroll and corporate finance, and we see constant overlap in the delivery of these services demonstrating the need for qualified and experienced advisors.

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