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Self-Assessment investigations are triggered whenever HMRC discovers inaccuracies in a particular tax return of an individual. At the beginning of 2020, HMRC initiated more than 300,000 Self-Assessment investigations – and at the time of writing, this figure is set to be exceeded in 2022. Such a process is a cause of great stress and worry for the individual being investigated, with the risk of facing a fine or expensive charge for any unpaid tax a real threat. Of course, there may also be the opportunity for you to be repaid any monies that have been overpaid – but, of course, the worry of the former will always prevail.
At Goodmen, we will be able to provide you with all the support and advice required in relation to Self-Assessment and any potential investigations. As experienced and fully qualified chartered accountants, statutory auditors and business advisors, there’s no reason for your tax returns not to be completed accurately and filed on time. And, should an investigation begin, we’ll be there to handle all the necessary details.
There are a number of reasons a Self-Assessment investigation may be triggered. Among the most common reasons are:
- Returns are filed late on a consistent basis
- Your costs seem excessive within your industry
- Tax returns are inconsistent with your standard of living
- You have a large fax in income or increase in costs
- You operate in a high-risk industry
Of course, in many instances, investigations can be triggered by a simple and honest mistake. Perhaps a rogue typo or a missed expense which is purely innocent. While this doesn’t make the process of investigation any less stressful, you can at least approach the process with honest intentions, and we at Goodmen will be able to support you.
If you believe you’ve made an honest mistake but are not sure what to do next, there’s still time for us to handle the stresses and strains caused by an HMRC investigation. Our accountants in Watford are here for all your accountancy needs, including the smooth administration of tax returns. Contact us as soon as you’re ready to learn more about how we can help you run your business more efficiently.