Informative article from our friends at Simply Business :
As a small business owner, an HMRC tax investigation might be the last thing on your mind. But there’s still a chance the next business on the tax man’s ‘to do’ list is yours.
Just in case, our what to expect from an HMRC tax investigation article answers key questions to help you get prepared, including:
- what can trigger an HMRC investigation?
- what can HMRC look into?
- what happens during a visit from the tax man?
Thankfully, if you’re doing everything by the book and above board, you shouldn’t have anything to worry about.
p.s it is worth thinking about covering this risk either by insurers like Simply Business or being a member of FSB which includes cover for such eventualities.
I’ve had investigations and it is both stressful and time consuming. Also, immensely justifies the decision to
- join FSB, and to
- have separate personal and business bank accounts.