When under tax investigation, it is vital that you deal with HMRC correctly to ensure matters do not spiral out of control. Here, Mark Taylor shares how you can survive a HMRC tax investigation and mitigate penalties.
Having worked in tax investigations for over 25 years serving as a Senior Tax Inspector for HMRC to now leading Buzzacott’s award-winning Tax Investigations and Dispute Resolution team, taking the following steps is, from my experience, imperative to overcoming any HMRC tax investigation.
Whether you have received a letter from HMRC or recently become aware of any irregularities in your tax affairs, there is no doubt that it can be alarming and disruptive. However, it is important that you remain calm and weigh up your options thoroughly. If you panic you could end up in a worse position facing unnecessary tax, interest and penalties.
HMRC welcomes specialists being appointed because it speeds up the process, allowing your case to be fast tracked to a conclusion. Specialist advisers, such as ourselves, that have been provided with full details of your affairs can guide you around potential pitfalls to ensure you are best protected. They will also allow you to get ahead of any accusations by HMRC, and should reduce the overall cost of any investigation.