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News – 19.12.24

Buzzacott advises Rose Street Partners on its investment in Kenwood Damp Proofing PLC

Discover how Buzzacott supported Rose Street Partners on its investment in Kenwood Damp Proofing PLC … Read more

Insight – 18.12.24

Start-up guide: Everything you need to know about Tronc schemes to set your new hospitality business up for success

One challenge for new hospitality businesses is the management of tips and service charges. … Read more

Upcoming event – 16.01.25

VAT on Private School fees training

This in-depth, interactive training seminar is designed to provide school administrators, bursars, finance officers, accountants, and trustees with tailored support and expert insights on the practical implementation of VAT. … Read more

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Survive HMRC Tax Investigations

When under tax investigation, it is vital that you deal with HMRC correctly to ensure matters do not spiral out of control. Here, Mark Taylor shares how you can survive a HMRC tax investigation and mitigate penalties.

Stay calm

Having worked in tax investigations for over 25 years serving as a Senior Tax Inspector for HMRC to now leading Buzzacott’s award-winning Tax Investigations and Dispute Resolution team, taking the following steps is, from my experience, imperative to overcoming any HMRC tax investigation.

Stay calm

Whether you have received a letter from HMRC or recently become aware of any irregularities in your tax affairs, there is no doubt that it can be alarming and disruptive. However, it is important that you remain calm and weigh up your options thoroughly. If you panic you could end up in a worse position facing unnecessary tax, interest and penalties.

Seek specialist advice

HMRC welcomes specialists being appointed because it speeds up the process, allowing your case to be fast tracked to a conclusion. Specialist advisers, such as ourselves, that have been provided with full details of your affairs can guide you around potential pitfalls to ensure you are best protected. They will also allow you to get ahead of any accusations by HMRC, and should reduce the overall cost of any investigation.

Use a disclosure campaign

Where appropriate, you could take advantage of a disclosure campaign. Using a disclosure facility can, in some cases, ensure that you:

Effectively manage and control the scope of HMRC’s investigation
Minimise the risk of further questioning from HMRC
Limit the period to which HMRC can ask questions
Avoid criminal prosecution
Only pay the minimum penalty enforceable by the law (in some cases this is 0%).

It is vitally important to use the correct disclosure campaign and as such, specialist advice is strongly recommended.

Get help today

Call us today on +44 (0)20 7710 3389 or fill in the form below and a member of our team will be in touch. All communications are in the strictest confidence.