With news that HM Revenue & Customs (HMRC) was responsible for a 29% surge in tax avoidance prosecutions last year alone, fearing that ominous knock on the door from a revenue official is very much a reality for businesses big and small.
Although some inspections are carried out at random and simply cannot be prevented, there are ways to reduce the chances of attracting the attention of HMRC unnecessarily.
As an experienced practice serving businesses throughout South Wales, Bevan & Buckland has made it their mission to help businesses save tax but at the same time remain compliant so they stay in HMRC’s good books.
“Ensuring you are well informed regarding any upcoming deadlines for tax return submissions is a quick and easy way to prevent your business from becoming the subject of a tax inspection,” said Lee Bradley, Tax Director at Bevan & Buckland.
“Whatever your company turnover and subsequent tax obligations, filing, and also settling, your taxes on time is vital.”
Investing in accurate book-keeping is also another top tip that Lee and his team champion on a daily basis, and whilst getting an accountant to prepare annual accounts on your behalf is a great step in the right direction, it is important to remember that they can only work from the information you give them.
“Always check with a professional if you are unsure about any element of your finances at any point during the year, don’t wait until the night before the deadline to start asking questions as this may be too late,” added Lee.
“If you do receive news that you are to face a tax inspection, keep calm and call an expert like ourselves. Statistically with professional advice tax inspections are resolved quicker and with a more favourable outcome for the tax payer.”