1 Day Left .... We are trying to save you money and potential risks.
Jun 08, 2022You cannot run a business without taking risks.
But you can avoid unnecessary risks.
Have you got your HMRC Fee Protection ??
Do It Now - Save yourself the pre 1st June Discount.
Choose the button below and get it done and off the list
102,000 Reasons why you need protection from HMRC Enquiry?
HMRC opened 102,000 compliance investigations in 1st Quarter - Up 36% from previous quarter
"HMRC enquiries increase to help cover the cost of lockdown"
"HMRC need to catch up following 2020.."
S Strawther - Shorts
"HMRC have an attitude that all mistakes are deliberate so Penalties are higher....."
"HMRC are under pressure to deliver more criminal investigations..."
Review tax returns
Gross profit rates
Collation of third party data
Foreign tax authority requests
Local knowledge
Field visits
Trade/Sector Analysis
Internet research
Investigated in silos ie VAT/CGT/PAYE
Slow
Less Enquiries
Tax investigations in the digital age
Snooper - working:
24 hours a day,
7 days a week,
365 days a year
"Significant increase in hit rates and yield.."
Data-led risk and intelligence
Desk-based investigators
Multiple Type Tax Enquiry
Social Media Analysis
Online Digital Disclosure Service
Making Tax Digital
Personal Tax Accounts
Tax in Real Time
HMRC "Super" offices
Land registry
DVLA
UK and Overseas bank accounts
Council Tax
Previous investigations
Peer to Peer Lenders
Online Marketplaces (fb etc)
Social Media
Web browsing and email records
Some HMRC Facts
HMRC’s attention has turned back to compliance work.
HMRC need to catch up following 2020 and are once again targeting all aspects of taxation.
£100 million invested in taskforce
1,265 HMCR staff working on "..fraudulent claims made in respect of Covid-19 support packages."
HMRC opened 102,000 compliance investigations in 1st Quarter - Up 36% from previous quarter
Enquiries that target taxpayers who utilised the measures put in place to support the economy through the pandemic:
1. The Job Retention Scheme (Furlough)
2. Self Employment Income Support scheme
+ the normal types of enquiry-
3. VAT - Including the threshold changes periods
4. Self Assessment - Income Fluctuations (Connect Software triggers enquiry based on "Irregularities or errors")
5 CIS and Capital Gains
83% of tax investigations are triggered by the "Connect" system.
(We are sending snail mail out as well if you prefer..)
Some clients remarks about enquiries:
"...thank goodness I had the cover." ST
"Thank you for all your help and the cover, I could not have done it without Brookwood." FG
Professional fee protection covers:
-Corporation tax for companies- Personal tax (Aspect enquiry)
-Sole trader and partnership business enquiries
-Personal tax enquires
-VAT / PAYE / CIS / Min Wage
-IR35 Disputes
-Directors and Partners Cover
If you are subject to an HMRC enquiry you can incur significant fees even if the conclusion is no additional tax is required.
Fee protection is designed to cover the costs of representation, giving you complete peace of mind that you will be represented and protected without incurring substantial fee costs.
The service is backed by PFP Professional Fee Protection, 30 years of supporting business owners with taxation and legal support.
(We are sending snail mail out as well if you prefer..)
We are here to support you. If anything in this Blog is relevant and you need help or advice, get in touch below.
Phone us: 01865 842266
Email us: [email protected]