What to expect when the Revenue comes knocking
Anyone whose business comes under the Revenue’s microscope is usually in for a roller-coaster ride.
HMRC has upped its game in recent years when it comes to probing businesses or sole traders who may be suspected of falsely reporting or underpaying tax.
Nobody appears to be beyond its remit, whether you’re the chief executive of a Premier League football club or the owner of a microbusiness with a much more modest turnover.
Despite its reputation, HMRC’s first approach is to negotiate to bring in as much of the money it is owed as possible as cost-effectively as possible – and that usually means pursuing settlements over prosecutions.
There are various ways to keep you or your business off HMRC’s radar, with the most basic method being maintaining accurate records for us to process.