HMRC usually launches an investigation because it believes that there is a risk that you or your business has understated its true tax liabilities. HMRC will expect you to be able to answer detailed enquiries about your tax affairs and it can take months or years to conclude the investigation.
It is vital that you, or your adviser, understand the limits of HMRC’s powers and how best to respond to its enquiries so as to achieve the best result for you. Kidderminster Tax Advice can provide the support and help you need throughout the investigation. Call us now for a free, one hour initial consultation so that we can understand your needs.
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This is a tax that tends not to hit individual taxpayers and businesses each year, but when it does, the tax result can be expensive unless the liabilities are calculated correctly.
At Kidderminster Tax Advice we can advise on your Capital Gains Tax liabilities and we are familiar with the full range of reliefs that are available to mitigate those liabilities. For help and advice on Capital Gains Tax, call us now.
At Kidderminster Tax Advice, our aim is always to reach a conclusion that is fair and reasonable both to the client and to HMRC. However, it is not always possible to reach an agreement that is acceptable to both parties.
In that situation, the areas of disagreement can be referred for hearing and decision by an independent body, the Tax Tribunal. The tribunal is a public hearing at which both parties are invited to present their respective cases.
The tax legislation has many grey areas. If you or your adviser is uncertain how a particular piece of legislation operates, Kidderminster Tax Advice is happy to examine the problem and provide you with an opinion. We can also wear our former HMRC “hat” and give you an opinion on how HMRC might react to a tax arrangement, or the likely development of its arguments.
Similarly, HMRC has the power to enquire into specific entries in business accounts or personal returns without launching into a full tax investigation. These aspect enquiries can, however, have significant potential tax consequences and, like full investigations, can lead to additional tax liabilities, interest and penalties. Kidderminster Tax Advice can give you expert advice in dealing with HMRC’s contentions to help you reach a reasonable end result.