Did you know HMRC can inquire into anyone’s tax affairs regardless of any wrong doing?

Posted on 19th September 2019 by Streets -  What's trending?


Image to represent Did you know HMRC can inquire into anyone’s tax affairs regardless of any wrong doing?

New subscribers can take advantage of a discount by using the code Streets25.

Tax enquiries are more likely if:

  • you file tax returns late, pay tax late or make errors that need correcting
  • there are inconsistencies or substantial variations between different returns, such as a large fall in income or increase in costs
  • your costs are abnormally high for businesses in your industry
  • your tax returns are inconsistent with how busy your business actually is or your standard of living
  • you have offshore bank accounts
  • you have income from property
  • you operate in a high-risk industry, such as businesses that routinely take cash payments, or an industry that HMRC has decided to target
  • HMRC receives a tip-off
  • HMRC special task force is focus on your sector i.e. agricultural, medical, high net worth etc.

We strongly recommend that you renew this service as regrettably our normal annual fees do not cover the additional professional costs of handling tax enquiries and compliance checks which for larger cases can exceed £25,000 of fees regardless of any wrong doing or any tax due. 

Sample Summary of Service 

Subscribe to this service

  • Select (from the right-hand side) the link under “Your Quote” section
  • Select the appropriate details that reflect your status from the drop down box, e.g. ‘Personal Tax'. 
  • Please register your details as a New Customer and ensure to enter code Streets25 for your 25% discount valid till 30 September 2019
  • Complete the transaction by making the necessary payment by the 30th September 2019

If you have any queries or require any assistance please email feeprotection@streetsweb.co.uk


No Advice

The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.

Information

The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.


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