Tax can be complex. Understanding the tax legislation that applies to your business, the financial impact on your running costs and the potential penalties for non-compliance can be a headache for you as a business owner or management team.
If HM Revenue & Customs (HMRC) decides to investigate your company, it can be a long, protracted – and potentially expensive – process. So having a tax adviser that understands the tax investigation process inside out is a huge benefit. And that’s exactly what you get with Tyrrell & Co.
Our Chairman, Craig Tyrrell, spent a long time as an inspector at HMRC – in fact, you could say that we poached the gamekeeper. And Craig’s time at HMRC taught him that planning for, and protecting your business from, a tax investigation is an extremely prudent move.
So, how can we help you if HMRC decides to instigate a tax investigation?
Be prepared and ready
If HMRC thinks your company isn’t meeting its tax obligations, it will open an investigation into your tax affairs. Dealing with this investigation will mean providing HMRC with all the data and records it needs to work out the correct tax you owe. And that takes time and some serious admin.
The key here is to be prepared and ready for an investigation. And, at base level, that’s about good tax management and record-keeping. If you have a clear tax plan for the year ahead, and keep the relevant records and paperwork, your business is in a far better position to deal with an investigation. Sloppy planning and poor admin will just lengthen the process and lessen your chances of overcoming this challenge from HMRC.
Having Craig’s experience of HMRC’s investigation processes gives an insight into the questions its inspectors will want answered. This matters because we know how to address these enquiries into your tax affairs. And that makes it easier to answer the questions clearly, effectively and with the right evidence to back up your claims.
Protect your business against an investigation
Another key advantage of having the gamekeeper on your team is that you know how to protect your business from a potential investigation.
The time spent, manpower utilised and professional advice taken can mount up during the course of an investigation. And this can result in some substantial costs being racked up over the course of the process. But there is a way to reduce the risk of high fees and costs – and that’s by taking out professional fee protection.
Professional fee protection (PFP) sounds like a salesy product. But really it’s just smart protection against overpaying tax and the resulting expense to your business. By taking out insurance that covers the costs of professional fees, you’re planning ahead, reducing your risks and minimising the impact an HMRC investigation could have on your business.
We offer a comprehensive PFP service, which cuts out the worry of an investigation and means you’re protected if you need our help to overcome a tax enquiry.
If you’d like to find out more about planning for a tax investigation, and the benefits of PFP, you can find out more on our HMRC Enquiry Specialists page. Just let us know a few details about your tax needs and drop us a message.