Tax Problems & Investigations

Complying with each and every tax rule can be complex. It’s no surprise that many businesses face tax problems, while even the most routine tax inspections can be stressful, even when you have nothing to hide.

If you have tax problems or face a tax investigation, it pays to seek professional advice and you must act rather than just hoping for the best.

Tax Compliance

Tax compliance

Basic compliance is easy enough. It involves keeping the right records, filing the right returnsand making your tax payments when required. It’s worth remembering that failure to do so can lead to substantial tax penalties.

Reliable advice makes tax compliance easier by identifying what you need to do. You can also get help to set up systems that make life easier. This may include organising services (eg bookkeeping) or recruiting others to help you. This approach to tax compliance can pay for itself, reducing the time you and Accountancy Summit Ltd waste dealing with disorganised paperwork.

Tax Investigations & Inspections

Tax investigations and inspections

Even if your tax compliance is perfect, you might face tax investigations or inspections from time to time. For example, a VAT-registered business can expect a routine tax inspection every few years, checking your tax compliance systems.

An in-depth tax investigation is more likely if your business is in an industry that HM Revenue & Customs (HMRC) has chosen to focus on. HMRC occasionally targets an industry where they suspect tax compliance is poor. Apart from that, you can minimise your chances of a tax investigation by ensuring that your own tax compliance is as efficient as possible.

If you are notified of a tax investigation or inspection, you may want to take advice or have your tax adviser present during the visit. Professional advice can be particularly useful if you face a tax investigation (as opposed to a routine tax inspection).

If you know you have made tax errors in the past — accidentally or deliberately — you may want to discuss this with your tax adviser. Voluntary disclosure may be a better option than waiting to be caught out by a tax investigation.

Tax problems : Payment

Tax problems: payment

A completely different tax problem arises if your financial position causes tax payment problems.

Delaying payment is not a solution. You are likely to face tax penalties that simply magnify the original tax problem. Ultimately you could face legal action. Instead, you need to take an active approach to dealing with your tax problem.

Contact the HMRC business payment support service on 0300 200 3835 as soon as possible. You may be able to negotiate a payment schedule to help you overcome your tax problem.

Of course, the best solution is to avoid tax problems in the first place. Effective tax compliance systems can provide early warning of upcoming tax bills and your overall cashflow position, giving you more time to deal with any cashflow shortfall.

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What our clients say

  • "Accountancy Summit have managed my accounts since I started business a few years ago. The accountancy side of the business was very daunting at first for me, but they have helped us with everything and helped with progressing & growing the business."

    Andy - Grappenhall, Warrington

  • "Accountancy Summit are great accountants and once you're with them you know you're in safe and reliable hands. The systems they use are simple but very effective.
    In addition, Mark is a thoroughly nice chap and very easy to get on with. I would therefore recommend him to anyone who wants to keep the financial aspects of their organisation under effective control"

    Jan - Manchester

  • "Mark always takes the time out to explain any 'technical' issues in layman's terms, reminds me when things are due, keeps everything up to date and provides regular feedback regarding his opinions on my company's financial status.
    This was invaluable when I started the company and he'll surely prove to be a critical asset as we grow and develop."

    Jan - Manchester

Get in touch

01925 210027
01925 594115
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Accountancy Summit
144 Knutsford Road
Grappenhall, Warrington
Cheshire WA4 2PW