What to expect from a HMRC investigation?

If you have been recently contacted by the HMRC, and you will be the target of a detailed tax investigation, do not panic, because with the right support you will manage to survive the process. Although, there are many complications involved, especially if there is a discrepancy in your figures, sometimes HMRC investigations are carried completely at random, so you should remain calm, and with the help of an experienced accountant, you will manage to go through the process without facing any legal problems what so ever. Here are a few things you should know on the topic, and what your next moves should be:

Establish the level of enquiry

There are three major types of tax investigations, random, full and aspect. The aspect investigation imply a reassessing of one or more of your tax information, implying full enquires. Random investigations only focus on evaluating tax returns on areas of higher risk. Although, some seem more serious than others, all tax investigation should be treated with equal importance. So establish the level of enquiry you are confronted with, and move on to the next step of the process.

Hire a forensic accountant

Hiring a tax investigation specialist will prove not only to be useful, but necessary in this situation. This should be done before actually making any contact with the HMRC. A forensic account will take care of every detail necessary to ensure that you have handled the issue on time, with a minimum level of stress. An expert may help you limit any potential damages, advising and guiding you towards the ideal solution. Because you must replay to HMRC within 60 days, it is important to find a specialist as soon as possible.

Talk to HMRC

After hiring a tax inspection specialist and discussing with them about all the process implications, you can proceed talking to HMRC, You are now armed with proper help, and do not forget that you are perfectly free to ask the HMRC any kinds of questions or information, when unsure about a particular aspect.

A tax investigation can seem like a difficult process to handle, especially if you have not been confronted with this kind of situation in the past. To avoid a lot of stress, and fix the issue as quickly as possible, in order to move on with your daily activities with no worries, you should consider resorting to a HMRC investigation specialist to provide you with some specialized advice.