HMRC tax Investigations – make sure you are covered!
Protect your business from a HMRC tax investigations
If you’ve ever spent hours of your life trying to get information out of an HMRC call centre, you’ve probably wished the taxman would invest a bit of your hard-earned money in a better IT response system.
If so, then you may want to be careful what you wish for. Thanks to HMRC’s increased computing capacity, it is getting ever more efficient at launching successful VAT, Corporation Tax and PAYE reviews into businesses of all sizes.
Your business might be selected via special ‘risk profiling’, or you may equally be selected entirely at random. But no matter how the taxman beats his way to your door, one thing’s for certain – he’s going to do his very best to find slips and errors in your accounts so he can present you with a bill.
Even if your bookkeeping and accounts are in pristine order and you have paid every penny you should have, tax investigations quickly become expensive and time consuming to defend. You will get asked questions that are very detailed and often difficult to answer. And the more transactions that pass through your books, the longer it will take to sift through them with the finest toothed comb the Revenue can supply.
When that happens, your life can not only become a misery, but it can also become much more expensive. Even if the taxman finds nothing, you’ll need your accountant’s help – and your normal accountancy fees don’t cover the cost.
So how do you reduce the financial risk of a HMRC investigation?
The simplest way is to take out Professional Fee Protection (PFP) via THP. By doing this, when the taxman barges in to start an investigation, you can hand all the red tape and paperwork over to us. We’ll defend you against any tax investigation, and refuse to accept extra tax demands unless they are proven to be fair and necessary. All of our professional costs are covered, and you can concentrate on your business while we protect it from the Revenue.
Many THP clients have saved small fortunes and a lot of stress and worry by taking out Professional Fee Protection. When you read the feature in this issue about café and restaurant business The Committee of Taste, you’ll learn how owner Graham was investigated at random by HMRC – and how THP “took all the stress and cost out of the investigation when it finally came along.”
So, if you haven’t had a tax investigation recently, make sure you’re covered when it does happen – and it is almost certain to one day. Either visit the new section on our website by clicking here thp.co.uk/pfp or talk to your account manager today to get your PFP cover in place before that investigation letter lands in your in-tray!
About Mark Boulter
Mark Boulter is responsible for the efficient running of the firm’s infrastructure, and ensuring that THP delivers the best client service. Promoting the vision and culture across all branches, people are the key: “I like people who have a fresh approach and I’m happy for them to run with their ideas,” he says.
Communication across departments is crucial and Mark pioneers this. He ensure that people and departments not only talk to each other, but that they share ideas– whether they’re about marketing, finance, sales, strategy or any other topic that can result in us offering a better service. “I think helping to develop the next generation of THP people is essential to our success,” Mark adds. “We’ve a lot of talented people and our way of doing things increasingly attracts ambitious newcomers who are looking for a fresh approach. That’s good for us and even better news for our clients.”