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ADDING VALUE TO YOUR BUSINESS

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The Taxman Calling is Causing Even More Disquiet than Usual

HMRC investigations are not pleasant, and nor are they meant to be.

However, a recent research study commissioned on behalf of the HMRC itself has revealed widespread discontent amongst the majority of smaller businesses about investigations undertaken by the taxman.

The research showed that 52% of small businesses thought that the investigations were too intensive, creating ill-feeling and feelings of persecution.

In fact. the research said that 48% of businesses believe HMRC’s penalties are not fairly distributed, and that smaller businesses are unfairly targeted.

Furthermore, 56% said they felt that HMRC were indifferent to disruptions caused by the cost, time and effort required by the inquires.

Inevitably, smaller businesses will not have at their disposal extensive resources and funds and HMRC investigations can be hugely disruptive and a massive strain on already stretched personnel.

Nick Lowe, Tax Director of Bennett Verby, said, “HMRC nets large amounts of extra tax from investigations into smaller businesses, collecting an additional £16 in taxes for every £1 spent on their investigation staff in 2016/17.

“There is the belief in many quarters that smaller businesses are often targeted as their reduced resources mean they are less able to negotiate with tax inspectors and manage the inquiries.

“We have a client commitment that everyone should pay the right amount of tax. No more and no less. To this end, we work closely with all our clients and, wherever possible, take up the cudgels on their behalf when the taxman calls.”

If you have concerns about your company’s vulnerability, why not get in touch and take advantage of our free, no obligation initial consultation?

You can email us here or call us on 0161 476 9000.

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