How To Survive Tax Inspection?

1. How To Survive Tax Inspection? For any individual or business owner there is nothing worse than getting an envelope in the morning marked HMRC; because there is only a very slim chance that the mail will carry information about lowering the tax, but a very high chance of being notified about the upcoming tax investigation. What is Tax investigation? Tax investigations in London or Tax inspection is a simple process of tax audit for individuals or businesses or company, conducted by the HMRC (HM revenue and customers) in case any ongoing tax fraud is suspected or detected. However, tax investigations in London do not result in imprisonment frequently, it has a long, complex process which can actually put anyone into a critical situation. Why inspection happens? Average data says tax audit normally happens once in every 5 years, but there are few income taxpayers or corporate tax payers who get a letter each year. The reasons to attract frequent tax audits are: Not paying tax or submitting returns on time. Taking a casual approach for informing HMRC about the reasons behind yearly account differences. If you are operating a high risk industry where cash payments are regular and you are not properly looking after accounts of cash transactions. If you have high costs, which is unlikely high for businesses in your industry. In case you have high incomes from property which are not recorded. Read the full story at http://goo.gl/u1cRf8 Contact Us JR Accounts 164-166 High Road, Ilford, Essex, IG1 1LL T: 020 8911 8899 M: 07977 048160 F: 020 8911 8917 office@jraccounts.co.uk http://www.jraccounts.co.uk/