I have a free report entitled ‘The Dangers of a Tax Investigation’. Let’s put two key facts together and draw our conclusions.
- The Taxman Cometh!
Fact 1: As the recession bites, there will be a £23 billion shortfall in tax receipts.
Fact 2: By promoting self-assessment and putting tax returns online, the tax inspectors have freed up internal resources.
Have you drawn your own conclusions yet?
There is no doubt in my mind that the Inland Revenue will substantially increase the number of tax investigations from the 62,000 records examined last year.
They will be under considerable pressure to pursue targets for revenue collection and anyone who looks vulnerable will be top of the list.
Who is vulnerable? Here’s some of the criteria (the rest are in the report):
- cash businesses
- obvious mistakes in your return
- late submission of the return or your tax payment
- large fluctuations in margins and ratios
- your margins and ratios are different to other businesses in the same sector
- if your business is in a sector they are targeting
In our report, we outline 10 warnings that you must consider when reviewing the danger of receiving a tax investigation – this makes interesting reading. Did you know the taxman is on a bonus if he is successful in pulling in additional tax revenue?
It will ultimately pay you to be aware of the dangers – it’s too late to pay attention to this when the taxman knocks on your door. This is when your bookkeeping system will be put to the ultimate test – will it be easy for the taxman to ‘break’ your books? You have been warned!
If you wish to have a copy of our FREE report entitled ‘The Dangers of a Tax Investigation‘, then send me an email with your contact details through my ‘Contact‘ page.
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