More than half a million small businesses in the UK are under investigation by the tax man at any one time, it has been revealed.
In an attempt to claw back £34 billion in outstanding tax which HMRC failed to collect in 2015-16, the Revenue has confirmed that it is going after small businesses which are reportedly responsible for 46 per cent of this tax gap.
HMRC is however accused of making it more difficult for businesses to file correct returns, due to the fact that they have closed down a number of local tax offices.
Commenting, Mike Cherry, National Chairman of the Federation of Small Businesses, says: “While small businesses have a duty to comply fully with their tax obligations, HMRC also has a duty to make that process as clear and straightforward as possible.”
Whether you are in business as an individual or as a corporate, you will want to ensure that you pay no more tax than you are legally bound to do.
Our experts at Beavis Morgan can ensure your tax affairs are as efficient as possible to fit your circumstances. In addition, we can look ahead to retirement and inheritance tax planning.
In addition, if you are concerned about a tax enquiry into your affairs, worried that you may have possibly under declared or, worse still, you are already under enquiry, our tax specialists, some of whom are former HMRC Inspector of Taxes, are well versed in dealing with all types of tax issues.
We are also readily available to oversee HMRC disputes on your behalf, as well as to represent clients in appeal proceedings before the Tax Tribunal. In some situations, we can also offer professional fee protection insurance, so the costs are covered in whole or in part.
For more information and to discuss your tax affairs in further detail, contact your usual Beavis Morgan Partner.