The COVID-19 pandemic for most is a distant memory and despite all seeming to have returned to normality, the impact on the global economy is taking longer to recover. As a result of providing COVID relief to businesses, there has been a significant increase in HMRC investigations that has intensified further throughout 2023.
In the year 2022 alone, HMRC opened 265,000 investigations into taxpayers and has increased their compliance activity in 2023 to recoup the funds expended in the pandemic with the influence of HMRC's 'Connect'. Ranging from standard VAT or PAYE assessments to comprehensive evaluations of individual financial matters, HMRC's authority to scrutinise business records, carry out unscheduled site visits, and investigate matters going back up to twenty years has become more pronounced.
Being the focal point of a tax inquiry can bring about disruption, invasiveness, stress, and eventually financial strain. Even if you have done nothing wrong, many tax enquiries are conducted at random.
A comprehensive examination can entail prolonged exchanges with HMRC, some spanning more than two years so if you receive any correspondence from HMRC regarding an investigation into your tax affairs or a compliance visit it is important that you speak with your adviser as soon as possible to ensure that you receive the correct advice and obtain the best possible outcome.
At Pierce, we provide a tax investigation service providing:
For any help and advice please contact the tax team on 01254 688100.
Tax investigation can be very stressful and you may need the help of tax investigation accountants. We specialise in resolving all kinds of tax investigations, tax enquiries and conflicts with HM Revenue and Customs.
Inheritance Tax is not always a pleasant topic to consider but it is important for anyone with significant assets to protect wealth for the benefit of family and future generations.
There are times when only a true tax specialist will do. In the complex and ever-changing world of tax, your adviser needs to be up-to-date, knowledgeable, widely experienced – and focused on the issues which matter. Based in Blackburn, Lancashire we offer a wide range of tax advisory services to help businesses and individuals.
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