Navigating a tax investigation can be a daunting experience for any business. At Mollan & Co, we understand the intricacies of HMRC investigations and can offer dedicated support to those facing this challenge.
With over 40 years of experience as trusted accountants in York, our tax investigation specialists can help you navigate the challenges of tax compliance with precision and efficiency.
Whether you’re a landlord, start-up or seasoned business owner, our tailored approach ensures you’re well-prepared, informed, and expertly guided through every step of the process.
Contact us today to book your free, no-obligation consultation.
Our specialist tax investigation accountants offer guidance during the tax investigation process. We’ll alert you to any potential pitfalls or dangers, ensuring you stay ahead of any accusations by HMRC, and aiming to reduce the overall cost of the investigation.
- Comprehensive Review and Presentation
We’ll conduct a full review of your financial records and tax affairs to gather all necessary information. In case a disclosure is necessary, we can efficiently present the relevant information to HMRC on your behalf.
- Tailored and Discreet Service
We provide a discreet and comprehensive tax investigation service tailored to your unique needs, prioritising the protection of your interests.
- Efficient Investigation Resolution
Our goal is to fast-track your investigation to resolution, minimising both cost and disruption to you. Additionally, we can help prepare a tax strategy for the future to reduce the risk of further investigations, potential penalties, or tax overpayments.
- HMRC Investigation Insurance Cover
We can provide HMRC Investigation Insurance Cover to protect your business from unexpected expenses during potential tax investigations. This covers professional accountancy fees in the event of enquiries or disputes regarding tax returns, PAYE, IR35, and more. Talk to our team today to find out more.
What are tax investigations?
A tax investigation (also known as a tax compliance check) is the formal examination of an individual’s or business’s financial records by tax authorities – in the UK, this would be HMRC.
During an investigation, HMRC will review income, expenses, deductions, and any other relevant financial transactions to verify the taxpayer has accurately reported and paid the correct amount of tax.
These tax investigations can take up to 12 months, with longer investigations going up to five years or more if they suspect deliberate tax avoidance.
Why are you being investigated?
Anyone can be investigated for tax compliance. It’s not just celebrities and millionaires – HMRC opens investigations every day on individuals and businesses of all sizes and earning levels.
Tax investigations can be triggered for a variety of reasons, including:
- Discrepancies or errors in your latest tax return
- Consistently filing late tax returns or paying tax bills late
- History of non-compliance or previous penalties
- High-expense claims that don’t match the industry norm
- Someone reports you for potential tax avoidance or fraud
- Random selection
- …and more
How far back does a tax investigation go?
Once an investigation is opened, HMRC will start by reviewing your most recent tax return to check whether there are any errors or discrepancies. If everything looks good, they might close the investigation there.
However, if there are any innocent mistakes, they might check your financial records for the last four years. For negligent or more serious mistakes, they could go back six years. If it looks like someone tried to dodge taxes on purpose, HMRC can investigate up to 20 years of financial history.
With Mollan & Co as your accountant, you’ll have our support through every stage of the investigation process.
We are tax investigation specialists with more than 40 years of experience in successfully helping businesses and individuals navigate the complexities of an HMRC investigation.
We’ll work to efficiently resolve issues and reduce potential penalties, and can also help you stay ahead of accusations with strategic tax planning and accounts preparation – providing valuable expertise and protection for your financial interests.
Get in touch today to book your free, no-obligation consultation.