Protect yourself from tax investigations

Tax investigations are time consuming and stressful. The average investigation lasts18 months, costs £2,000 in professional fees and more often than not ends up with extra tax being paid.
The Revenue internal manuals are available to the public and show that additional tax is expected in 76% of investigations. There is nothing you can do to avoid being selected for an investigation but you can protect yourself if you are.

Over the last ten years, there have been a number of initiatives designed to cut down the time the Revenue spends administering your affairs. These have included the introduction of Self-Assessment which means taxpayers are responsible for assessing their own tax position. In 2008 the Revenue has changed the rules so that accountants must now submit tax returns online. This means the Revenue will have less data processing to do.

At the same time as reducing the time the Revenue need to spend administering tax, the tax and VAT offices have been combined and a new tax investigation strategy called “interventions” has been announced.

You could reasonably conclude that these innovations will herald an increase of resources to put into investigations, especially when there is pressure on government finances.

Don’t get caught up in this nightmare, keep yourself safe. Having good small business accounting will help you and your accountant to close any investigation quickly with minimum costs in time and money. If necessary, we will support you and your accountant and provide help and assistance.

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