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.
Until next time ...
HELEN BEAUMONT
Would you like to know more?
If anything I've written in this blog post resonates with you and you're worried you may have underpaid tax or made an incorrect claim, it may be a great idea to give me a call on 01908 774323 and let's see how I can help you.
Helen brings the personal tax planning experience of the top 20 tax companies to Essendon. Formerly of MacIntyre Hudson (with 45 offices nationwide), Helen worked at Chancery for more than 10 years before joining Essendon as the personal tax specialist.
Tax Planning can make a considerable difference to your tax liability. Helen has specialist knowledge and experience in tax planning and uses every opportunity to minimise your tax bill is utilised. By analysing your investments, income, profit and expenditures, Helen will provide strategic tax planning expertise that could offer significant savings, whilst delivering clear, honest advice and guidance.
When Helen is not at Essendon she spends time with her young son and likes going on long walks with the family dog.
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