Follow these golden rules and survive HMRC investigations

 

As a manager of the company, you would not find pleasant to know that in short time your firm would be investigated by the HM Revenue and Customs. As for many other people, this tax return enquiry is both stressful and worrying, and if you do not have experience, you would feel unprepared. And yes, you have a good reason to fear HMRC investigations, but this does not mean that you do not have a way to deal with it, and your company to not be at risk. But, for doing this you have to collaborate with experts, who provide help in this situation. Make sure that you collaborate with specialists, because on the market, there are dozens of companies that offer tax investigation services, but there are some things, which make some of them different, and this is exactly what you should be looking for.

Collaborate with an expert as soon as you can

In case you are being noticed that your company would be investigated by the HMRC, you should seek out for independent financial advice from a person or firm that is specialised in this particular domain, and which has a good reputation. You have to be sure that you have an expert on your side who knows how the HMRC operates and who understands their jargon. They could take the emotional strain from the shoulders of companies’ managers.

Maintain your calm

When hearing that they would be investigated, the majority of managers and company owners are dealing with a great number of emotions, because there were cases when people ended up in jail. But, this would not be your case, because you have followed the law, and you benefit from specialised help.

Be prepared for the investigation

You should not ignore the investigation, because it is important to be able to provide them the information they require. No company manager who prepared for an investigation failed in showing the HMRC that they represent a trustworthy business. You have to consult with the adviser, and see what you should answer to the questions they address you, because there are some standard questions, and if you are not prepared to answer them, the investigator would consider that you refuse to cooperate. In case you do not have the appropriate record of the payments, you should not try to destroy the evidence, because the HMRC would notice the lack of some of them, and they would know that you are hiding something. Ask your adviser how you can solve this issue.

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