As expert accountants, we have a vast amount of knowledge of the industry. Our team is able to offer clients advice and solutions for various issues. For example, we are one of the most reliable sources of info about tax enquiries and investigations Soho can offer. This area in particular can cause a lot of trouble for people. There is no need to worry however; we will give you the help you need.
The self-employed have a responsibility for submitting their tax returns annually. These must contain details of all the income you earn. This includes the profits of your business, whether it is a one man show or normal self-employment.
HMRC have set up several new campaigns and have new powers. These enable them to investigate both your business and personal life in order to acquire as much tax revenue as they can. No one wants to experience an investigation for their tax returns or lack of them. In addition, people hate paying more taxes than they need to. What we are going to do is talk about the times when HMRC investigates self employed people.
HMRC looks at certain industries and societal sectors
In particular, the team at HMRC has made it clear they are looking at specific industries and societal sectors. This is because there is a greater chance of there being undeclared taxes or tax evasion. One example would be buy to let landlords. Another would be homeowners who typically sell houses while not paying capital gains taxes. The HMRC estimations say the Treasury loses around £500million thanks to these people.
There is another fact you should know; the odds of you being investigated shall get stacked against you if you live in a specific part of the country. HMRC has a habit of focusing their efforts in certain locales.
Inconsistent earnings
There is another detail that makes the self-employed especially vulnerable. It is their yearly earnings and the inconsistencies. The earnings here can differ considerably between years. To give an example, they can declare £100,000 in earnings one year and £50,000 in another. HMRC can lean on you harder here. It can leave countless self-employed people on the receiving end of an investigation. To prepare, it is best to seek out advice from professionals specialising in tax enquiries and investigations.
Help with tax enquiries and investigations in Soho
At Brian G Lonis & Co we have been helping people with their financial problems for over 30 years. During that time, we have become veterans in the field of tax enquiries and investigations. Our solutions are high in value but cost effective at the same time.
So, if you would like professional help with tax enquiries and investigations, Soho has nobody better. Contact our team today for advice and a quote.