Learn how to protect your business from the cost of an HMRC compliance check

Whether you're a sole trader or running a limited company, an unexpected letter from HMRC can fill you with dread.

HMRC compliance checks focus on different areas of tax including VAT, PAYE compliance or IR35 investigations. More recently, there have also been reports of investigations into Coronavirus Job Retention Scheme claims.

We recognise that a tax or VAT enquiry from HMRC is a huge concern for many small businesses, with extensive time and costs required. The average tax enquiry can cost small businesses between £4,000 and £5,000, but each case is unique and costs can vary. 

The checks may be conducted as a routine exercise, even if every tax return has been accurate and on time.

With the introduction of new technology making it far easier for HMRC to monitor business behaviour, it's important that business owners understand their company's compliance risks and take steps to minimise them.

As tax offices make tax control frameworks an integral part of their regulations, you can ensure you're prepared for any audit that may come your way. These can be incredibly time-consuming, so the more you can plan ahead, the better and the less disruptive any investigation will be for your business.

For a small annual fee, we protect our clients from this unexpected outlay by offering Fee Protection insurance. This is a comprehensive policy to safeguard our clients against such cost, while also providing professional support and peace of mind.

If you are concerned about the potential costs to your business, or need help to manage a Tax or VAT compliance check, give our team a call today to chat through the best options.

We'll work in partnership with you, planning ahead for any possible HMRC investigations, so your business can continue to operate at full capacity, and has procedures in place to deal with any compliance checks.

Our clients include many businesses, charities and individuals across Horsham, West Sussex and beyond. Please feel free to get in contact with us for an informal chat about your business finances on 01403 337490 or learn more at https://www.giltinan-kennedy.co.uk/services/tax-advisers