You may get picked up by HMRC on weather you have paid the right amount of tax or not. The procedure usually follow that will be HMRC will write to you and will want to check on, any taxes you have paid, checking self assessment tax return you have filed, company accounts return, or PAYE records.
HMRC will request to visit you, or ask you to visit them. you are allowed to have an accountant or legal adviser with you during the visit, at this stage if you don’t cooperate you will end up paying penalty. Once you provide them with all the information then HMRC officer will write to you with the results. If there is any additional tax you will have 30 days to pay the tax, you may also have to pay penalty and interest on the under paid taxes.
The investigation is very stressful, but there are some ways to easy the stress, by providing them with all the necessary documents that they have asked for, you will have the opportunity to review your tax affairs and to tell HMRC about anything that they may need to put it right.
The inquiry can be based on Full enquiry which is basically the officer will review the entire records of the business, or it could be Aspect enquiry which means a certain aspect of your recent tax return is being checked, or it could be Random check, which means just checking to see if all your records are correctly done and there is no error in the returns.
Most checks are done because something has triggered the enquiry or an information received by HMRC through UK’s tax information exchange agreements with other countries.
To discuss how Accountants in Slough can assist you with your Accounts Preparation, please contact us for a free, no obligation consultation on: 01753 373 505 or complete our Contact form and we will get back to you promptly.