How Ritchie Phillips can help you face an HMRC Tax Investigation
HMRC believe that over 1.5 million individuals and 300,000 businesses are not paying the right amount of tax and it has been estimated that tax fraud alone costs the UK Exchequer £15 billion a year.
It is no surprise then that the UK Government is investing £900 million in HMRC’s tax investigation activity and has set a target of £7 billion for additional tax revenue to be collected by 2015. To assist in the process, the UK Government strengthened HMRC’s powers to inspect and request information and documents about your personal financial affairs and business interests. More worryingly for some, HMRC have said it intends to increase the number of criminal prosecutions as they hold the view that the behaviour of some taxpayers will only change when someone they know is sent to jail for not paying the right amount of tax.
For some, these changes will be of no concern, for they are paying the right amount of tax and they do not mind tax inspectors reviewing all their personal and business records and asking endless questions. For most, these changes in HMRC’s strategy and approach will represent an unwelcome intrusion into their life. Paying the right amount of tax will not satisfy some tax inspectors who instead will seek what seems the most amount of tax. For the few, these changes will be of great concern, not only to their financial wealth but to their reputation and potentially their liberty. Individuals with no legitimate basis for not paying tax on some or all of their income and capital gains should expect their position to be revealed and are usually best advised to make a full and voluntary disclosure to HMRC.
Discover how Ritchie Phillips can help you face an HMRC Tax Investigation. Our experience in tax disputes and investigations will allow you the best opportunity to defend your position. With our up to date knowledge of HMRC’s tax investigation strategy we are able to secure for you the best available terms of settling a tax investigation into your financial affairs.