It’s a nerve-wracking situation for any company: the tax inspectors have arrived and they’re going through every scrap of paper your business has produced for the last five years. Keep your cool. Don’t panic. And read these words of wisdom. These are our pick of the crop from the Times selection. Don’t discuss your tax affairs with anyone except an expertA lot of people want to talk to someone about the problems they are having and it is remarkable how easily this can get back to HM Revenue & Customs. Keep schtum. Even walls have ears. Don’t lie to the taxmanFiona Fernie, a partner at BDO Stoy Hayward, says: "This is the most crucial piece of advice. If I had to give just one tip, this would be it." You could end up in prison.Don’t assume the Revenue is ignorant of anything The Revenue has a huge number of sources of information about you and you would be surprised at how much they know. Your accounts are publicly available on Companies House and a lot of directors information, from addresses to credit checks are at the taxman’s fingertips.. Make significant payments on account, where relevant This will be regarded as a sign of co-operation by the taxman and could earn you brownie points. If an unpaid tax bill crops up, pay it on the spot. At the same time by paying off parts of your tax bill you are saving yourself interest on the outstanding debt. Don’t try to destroy evidence This is not going to help your case. The Revenue will always assume the worst if documents are missing and you could end up being asked for more, not less, tax. To read all ten tips, click here. Related articles Michael Van Clarke’s crusade against hair-raising taxes 27 ways to slash your tax bill Picture source
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.