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With a budget deficit of over £355 billion, we fully expect HMRC to raise more enquiries this year to increase tax revenue and plug the hole left in the Government’s finances by the economic damage caused by COVID-19. For those who have relied on a Covid-19 support scheme such as the CJRS (furlough scheme), it is likely that HMRC will be looking a lot more closely at tax returns , payments and compliance history’s. Tax and VAT repayments will also be checked more rigorously alongside the usual full tax investigations.
What is a tax investigation?
When HMRC make enquiries into your tax affairs
Many tax investigations are random. Unusual fluctuations, undisclosed accounts and random spending can also prompt an enquiry into individuals and companies.
The taxman has the power to inspect business documents and assets at your premises, ask for documents and information, make unannounced inspections and go back up to six years to investigate matters.
Disruptive, intrusive and expensive - when HMRC investigates it can drag on for a year or more, creating mounting costs and rocketing stress levels.
HMRC opened 102,000 investigations
into taxpayers in the first quarter of
2021 – up 36% from 75,000 in the
HMRC can target anyone who submits a tax return and their highly efficient ‘Connect’ software is accessing and trawling through financial information right now. The powerful system can trace even the smallest discrepancy in spending or earnings, prompting an investigation into individuals and businesses.
HMRC may have you in their sights...