Brian G Lonis & Co has been established for over thirty years. In this time, we have become knowledgeable on various areas of accounting, finance, business planning, and more. Today, we are the number one company working in tax enquiries and investigations Camden has. We supply solutions that are both effective and cost efficient, so clients can rely on us.
If you are chosen for a tax check, you might have to spend hours collecting documents for HMRC. This is going to depend on your preparation. It can be faster if you already have good records. Cooperation can also result in a more positive outcome.
Certain kinds of investigations appear more often than others. Corporation tax and income tax checks don’t arise too frequently. But, they can still occur. What we want to do is discuss some of the more important details surrounding tax investigations.
Is there an investigation?
Firstly, we will go over how you will know when you are the focus of an investigation. HMRC will get in touch with you if they decide to look into anything. The procedure will start when you get a letter from them. It will ask for specific information. Furthermore, they will want to inspect your tax records.
The letter will inform you if HMRC is examining a specific element of your tax return or performing a full investigation. If you are working with an accountant, they may be able to tell you why it is taking place.
Any checks usually begin within 12 months of the due date of the tax return that they are examining. Alternatively, it could be 12 months after you filed your return but missed the deadline.
How far back can HMRC investigate?
Depending on how severe your investigation is, HMRC can check records ranging between 4 and 20 years. We will give you an overview here.
For normal behaviour, like a random check, capital gains, corporation or income tax, and VAT and PAYE can be investigated up to 4 years back. In the event you have been careless, like failing to self-assess properly, they can investigate VAT for this same period. However, with everything else, they can investigate as far as 6 years prior.
Finally, we have deliberate bad behaviour, like tax fraud. Here, HMRC can investigate everything we mentioned above as far as 20 years back. Keep this in mind if you are facing an investigation.
Expert support with tax enquiries and investigations in Camden
At Brian G Lonis & Co, we have a full understanding of HMRC’s investigation process. Today, they are capable of reviewing cases on a ‘sample basis’. As such, checks have become more frequent. We know that facing them can be very stressful. Fortunately, you can get help and guidance from us to ease the strain.
We are proud to be the top company working in tax enquiries and investigations Camden has. So, please speak to us if you need aid from our specialist team.