You’ve received a call or letter from HMRC and you’re concerned about how to deal with the situation. This is a normal reaction to a tax enquiry and it is important that you seek professional help. However we have written this guide so that you can take the right steps from the outset. If you follow the advice below you will put yourself at an advantage from the beginning of the enquiry by ensuring you are prepared.
If you’re in the situation where you’ve recently been contacted by HMRC in connection with your tax affairs it is likely that you will be feeling somewhat concerned. However a tax enquiry is simply a process which can be managed by a tax investigation specialist. The right kind of tax consultant will often be someone who has an in-depth knowledge of the workings of HMRC, or even better, a consultant who has worked within HMRC in the past.
It’s unlikely that you’ll be indifferent to the fact that a tax inspector is looking into your business. However dealing with HMRC is a specialist area and it is unlikely that the average person will be prepared enough in these circumstances. Take a step back and view the situation as more of a process which you can overcome with the right kind of assistance. Remember that HMRC themselves are aiming to resolve the situation as quickly as possible with the minimum of fuss.
Win the race
The race is on to get to the bottom of what is wrong with your latest tax return. This is more serious than late filing or making a typo. So, what is the best way to tackle the problem? As well as being the ‘million pound’ question this is also a very good question to ask at this point. Firstly anticipating what the tax man is going to ask you at the next point of contact, and being able to produce the right answers, will put you in an advantageous position. Ensuring that everything is done on time will also stand you in good stead.