Protect your business with our Tax Investigation Fees Protection
There’s always a chance that your business could be selected for a tax, VAT or PAYE investigation by HMRC. When it comes to your livelihood, you can’t afford to take a chance. Our Tax Investigation Fees Protection guards you and your business from substantial losses.
The HMRC uses five main sources to gather information to select who to potentially investigate over their tax. These are:
Technology
HMRC’s data system, Connect, holds 22 billion lines of data including credit and debit card payments made to UK businesses via merchant acquirers (the companies that process card payment transactions). Since the system was launched in 2010, it has helped generate more than £3 billion in extra revenue.
Public hotline
The HMRC has launched a new hotline for the public to report any suspected tax irregularities. These irregularities can vary from undeclared income from holiday homes to unrecorded cash jobs. All of these reports are fed into the Connect system and form part of a risk assessment when it comes to either businesses being selected for a VAT inspection or tax returns being selected for enquiry.
Lifestyle
What are you sharing on your social media channels? Facebook, Instagram, LinkedIn and Twitter are all viable sources of information when HMRC analysts are checking for evidence of lifestyle spending.
Property
The Land Registry provides HMRC with a rich stream of information about property transactions, including the purchase date and price, the sale date and price, as well as the names and addresses of the parties involved. If numerous unrelated people are living under the same roof, HMRC will then usually look for evidence of any housing benefit payments, whether being paid to the tenants or landlord.
Offshore accounts
Over 100 countries have signed up to the Common Reporting Standard (CRS) which enables tax authorities around the world to automatically share financial information. It is not just bank account numbers which are being passed on, but the balances held in the accounts too.
Tax Investigation Fees Protection with Clear Vision
Tax investigations are expensive, intrusive and stressful. The cost of an enquiry can seriously impact your financial security, potentially costing up to £10,000. Clear Vision, a financial management company in Romsey, are able to offer a Tax Investigation Fees Protection. This will give you peace of mind, knowing that full professional representation will be arranged, all costs covered, and that all communications with the tax inspector will be managed.
Contact Clear Vision for expert financial advice.
