If you’re a Dundee-based business, it’s important to hire a top, diligent financial advisor to help your company if you’re expecting a tax investigation by HMRC. It can be very worrying to receive a note of a pending investigation as tax can be extremely complex – so you need someone on your side who knows exactly what they are doing!
This is why hiring a great accountant is a must. But, before you start looking for the best accountants Scotland has to offer, make sure all your records are available and request replacements where required – otherwise, it can look like you have something to hide when records are missing or have been destroyed!
When you start working with an accountant, they will work with you to ensure all gaps in your records are filled, and it’s also likely they will also get in touch with HMRC for clarification on any applicable fees.
You also need to be one step ahead and prepare thoroughly for meetings. Your accountant will help you to be aware of the different types of questions HMRC may ask so that you have the relevant documentation prepared and a good answer to give. Most importantly, you need to be honest. If there is something incorrect with your tax return, tell them upfront. If they find out you have been lying, you will only face a bigger fine.
HMRC’s own guidance states that tax inspectors should be working with all parties collaboratively, and so they should be more than willing to come forth with the information you need!
If you need to prepare for a tax investigation, you can count on our Dundee accountants team at MMG Chartered Accountants to get your business prepared. Don’t panic; simply give us a call today on 01382 322004 and we will help you through the process. Alternatively, for more information about our business and the services we provide, head to https://mmgca.co.uk.