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HOW TO MINIMISE YOUR CHANCES OF BEING INVESTIGATED BY HMRC
As a business owner or contractor, you won’t be alone if you’ve had some concerns about paying tax and the implications of being investigated by HMRC.
Being responsible for your own return means that, ultimately, you decide how much you’re going to pay. The government doesn’t walk us through the process, so we’re expected to be as honest as possible when working out the final figure.
It can be tempting to be blindsided by tax evasion schemes that are an outright illegal attempt to avoid paying taxes – such as by concealing or misrepresenting information – but this will almost certainly get you investigated by HMRC.
However, tax avoidance schemes provide legal ways to reduce your tax bill. While saving you money, they also reassure you that you’re operating within the law and paying a fair share of tax. Although it’s no guarantee that you won’t be investigated when using a tax avoidance scheme, you will, at least, be able to demonstrate to HMRC that you are complying within the law.
It’s very easy to be unsure of the difference between legal and illegal tax planning strategies, because laws are continually changing. HMRC workers, however, are trained to know this difference, and if you’re making money from dubious practices, they will certainly know about it and open an investigation against you.
Once you are confident you are handling your tax affairs in a fully compliant way, there are a few simple things to remember to minimise your chances of being investigated by HMRC:
- File your returns on time – ensure you know your filing deadlines and submit each one in good time.
- Pay your tax on time – make sure HMRC are paid in plenty of time so that you do not incur further fines.
- Keep impeccable records – keep copies of all your invoices, receipts, business bank account statements, and any other relevant company documents.
- Get specialist advice – engage the services of a tax specialist, like Associate Services, to ensure your accounts are in good order.
With over 25 years’ experience, Associate Services specialise in tax-saving strategies for business owners, contractors and high net-worth individuals in the UK. These strategies do not include offshore accounts (and other dubious practices), but do use fully-legal means such as limited companies and outsourced employment.
By using industry expertise and a network of chartered accountants and tax advisers, Associate Services can provide a bespoke service tailored to your business and understanding your unique needs. You can retain as much as 85% of your income, whilst you sleep easy in the knowledge that you are legally compliant, and unlikely to cause a stir with HMRC.
When you choose to use Associate Services, you can make the most of what you are legally entitled to and keep HMRC happy. Not only can you save money, but you can also take advantage of a number of additional benefits, such as bookkeeping and accounts management, to reduce the administrative burden that comes from being self-employed or running your own company.
Let Associate Services minimise your risk of a HMRC investigation, contact us today!
Brendan Beeken FInstSMM
Flexible solutions for everyone
EMPLOYED – SELF EMPLOYED – CIS – UMBRELLA – LIMITED COMPANY – TAX PLANNING – ACCOUNTANCY – CONTRACTOR SERVICES
“I found Associate Services professional, focused and always made themselves available and willing to help”Patrick
Project Manager, Manchester
We are flexible in our approach to ensure that rather than a one-size fits all, we tailor the tax planning to the requirements and personal circumstances of each individualAssociate Services
We are specialists in tax efficient and tailored tax planning strategies for contractors, high net-worth individuals and business owners, maximising wealth and remuneration.Associate Services