They aim to keep you and your business secure and on the right track when it comes down to your finances, custom duties and VAT returns. Not to worry, below are a few tips to help ease your mind.
It isn’t unusual for someone owning a business to panic when coming under the surveillance of the HMRC. There is nothing to do at this stage except remain calm and avoiding overthinking and fretting.
Under these circumstances, always get in touch with a trained adviser like our contacts here at BSN to help ease your concerns. We highly recommend you call us as soon as possible when being investigated, in order to talk to one of our accountants before the situation gets out of hand. You will need someone behind you to fight your side that knows a little more about the situation and laws involved in your case.
Dig out all information
Make sure you go through all the paper work and get out everything that may come in handy. We do advise you not to get rid of any documents the HMRC may want to see because this will lead to them thinking you have something to hide. If there are any documents that the tax office has asked to see don’t over-promise, make sure you can get them in the time frame they are needed.
The worst thing to do is lie to HMRC, that will be a breach of the law and you could face imprisonment if you are found out. If you lie about one thing, they will assume you have lied about everything. Honesty is the best policy.
Think of it as a test or interview. You’re never going to be successful if you don’t prepare or revise. When the HMRC are asking you questions, not knowing the questions look unprofessional and seen as lack of co-operation.
Please do get in touch with one of our advisers who specialize in your particular area if you have any trouble with HMRC Investigations.