Supporting Your Businesses
Businesses can go through a tax investigation in many situations and it doesn’t mean you have done anything wrong. The HMRC will investigate any taxes if the situation arises, ranging from VAT to corporation tax. At Gray & Co Dan Ltd, we can support all businesses during a tax investigation in Bury St Edmunds, providing advice throughout the investigation so you never face the risk of fines. We can advise you throughout taxation to reduce the chance of an investigation and audit occurring, as well as helping you keep all financial records accurate during an actual investigation.
For more information, contact us today by calling 01638 715 534.
Why Tax Investigations Happen
Tax investigations can happen to all businesses and whether this is from a small mistake or large fluctuations, it is important to work with the HMRC to resolve the issue. Some of the most common reasons for a tax investigation include:
- Below Industry Standards
- Late Submissions
- No Representation
- Omission of Income
- Regular Mistakes
Tax investigations will not always occur due to your faults and errors. If your financial performance has dropped significantly from the previous year, this could lead to an investigation. Regular unprofitability may also be a factor as this could demonstrate you are trying to hide your profit and finances from the HMRC. Whilst mistakes and genuine fraud will also be investigated, there is no need to panic during a tax investigation.
Having representation for your tax can also be beneficial. Having accountants submit your taxes and deal with the HMRC shows the accuracy of tax returns and will build better trust with the HMRC.
Tax Investigation Services
Gray & Co Dan Ltd offer a comprehensive range of tax investigation services to ensure your taxes are accurate and easy for the HMRC to audit. When a tax investigation in Bury St Edmunds occurs, you should always seek support from an accountant and our team are happy to assist.
Our team will start by providing any advice you need regarding your taxes, as well as checking your finances and tax returns for any errors. If amendments are made quickly, the issues can usually be resolved without any fines or penalties. You must ensure all evidence of your tax returns are kept and nothing is destroyed as it could lead to more severe penalties.
Our tax accountants can also handle all contact with the HMRC. Dealing with the HMRC can be done over the phone and through writing and we can always deal with them on your behalf. Tax investigations can last several months but with our support, this process can be sped up and your tax returns can be thoroughly checked for complete accuracy.
If you require support with your tax investigation in Bury St Edmunds, speak to Gray & Co Dan Ltd today. We will always provide a fast response and organise a suitable time to discuss your situation and all requirements. Call us today on 01638 715 534 or fill in our contact form to make an enquiry.