You never know when HM Revenue & Customs (HMRC) might target you, or your business, with a tax investigation. At times such as these, with tax avoidance tales dominating the headlines and the 31 January paper tax return deadline just around the corner, the Revenue is at its most active – and it could very well have its eye on you.
A report recently published by the National Audit Office (NAO) suggests that as many as one in three of the UK’s high net worth individuals (HNWIs) are typically under “formal enquiry” by the tax authority at any one time.
Separate reports suggest that a special HMRC task force has opened civil and criminal investigations into more than 30 companies and individuals in the wake of the Panama Papers scandal – and that a further 43 HNWIs have been placed under “special review”.
Madan Salhan, a director and tax investigation specialist with Salhan Accountants, said: “HMRC has been increasingly cracking down on individuals suspected of tax fraud.
“Although the ‘super-rich’ are in HMRC’s spotlight, individuals with a more modest income should not be lulled into a false sense of security, as anyone who is suspected of tax fraud could find themselves under investigation by the taxman at any time”.
Multi award-winning Salhan Accountants offer extensive tax investigation services. Our Taxation Investigation team are backed by more than 60 years’ tax experience and can assist with investigations of all shapes and sizes, from COP 8, COP 9 and COP 11 enquiries to tax litigation support.
For more information about Taxation Investigation from Salhan Accountants, please contact us.
