HMRC Enquiries On The Increase

Now that everything is returning to normal after the pandemic, HMRC has started to increase the number of enquiries they are making ...

HMRC's focus for the past couple of years has been on abuse of the Coronavirus Job Retention Scheme and Bounce Back loans. However, accountants and tax advisers have noticed an increase in VAT, Corporation Tax and Income Tax enquiries.

"HMRC recently clawed back £20,000 in Furlough payments from one employer!"

The biggest jump in enquiries was with VAT and for some reason, a large number of dentists are being investigated by HMRC's own counter-avoidance teams. R&D Tax Relief is also coming under scrutiny as HMRC estimates over £450 million has been claimed in error or due to fraud.

Do you think you have underpaid tax or made an incorrect claim? It is always a good idea to contact HMRC before they open any enquiry and pay what you owe them promptly. This will limit fines and penalties that they may impose.

As a tax advisor, I'm always happy to help you.

If you'd like to find out more about anything I've written here, do call me on 01908 774323 or leave a comment below and let's see how I can help you.