At Brian G. Lonis & Co we continue to work hard to support clients with their finances. This is a difficult time but, if you need help, we can provide it. We have a reputation as the best place to find advice about tax enquiries and investigations in Stratford. If you need us, we will guide you.
Changing operations
There have been big changes at HMRC since the coronavirus lockdown on March 23rd. Instead of their usual operations, the tax authority has been doing more to help taxpayers and businesses in this very challenging time. They have set up dedicated lines and are working hard to answer queries and help people take advantage of temporary pauses on certain tax payments.
The biggest change to HMRC’s operations is a suspension of things like investigating tax fraud. However, that does not mean that everyone is off the hook. HMRC will return to investigations once the pandemic is over.
What does it mean for people under investigation?
If you were under investigation before the lockdown you should use this time to get everything in order. Any tax you have failed to pay will still be due once HMRC returns to investigating. As a result you should be making arrangements now to ensure you can get everything up to date.
Some taxpayers or businesses may have already received requests for information. While you may not need to send this information to HMRC right away, they will still want it in the future. Take the time to gather the documents so they are ready to send.
Loan charge
One thing HMRC is continuing to do though is to send out letters regarding its loan charge plans. The tax authority originally planned to pursue people who had used loan-based tax avoidance schemes in the last two decades. They were going to have the power to claim up to twenty years’ unpaid tax in 2020. Around 50,000 people could have been investigated and been forced to make payments.
However, there was serious opposition to the plan. There were big concerns about how much pressure having to pay up to twenty years of unpaid tax would have on people. A review of the plan resulted in big changes. Now the scope is smaller and people found to owe tax will have more flexibility to make repayments.
Some of the people who owe tax will receive letters about the loan charge and have to submit information within 30 days.
Tax enquiries and investigations in Stratford
If you were being investigated by HMRC before lockdown, we suggest you continue to prepare for it. Brian G. Lonis & Co can help, offering the very best advice and services. Our team have a lot of experience and is able to support individuals as well as businesses.
So, if you need help with tax enquiries and investigations Stratford has no better expert than us. You can get in touch with a member of our team today to discuss any needs.