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With a budget deficit of over £300 billion, we fully expect HMRC to raise more enquiries this year to increase tax revenue to 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) and the SEISS (self-employed 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 recently collected £34.1bn from tax investigations and Enquiries.
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...