How Not To Get Caught Out By Tricky Tax Issues

How Not To Get Caught Out By Tricky Tax IssuesThe New Year arrives and no sooner has the headache cleared and the empty bottles been cleared away than the real work begins.

For many people in the UK – the masses of self-employed, that is – January 2015 represents the final few weeks before they have to submit their tax records. For those who like to leave things to the last minute, it will be a stressful time ensuring everything is above board.

Tax fraud and tax investigations are a common occurrence for two main reasons. Firstly, for some people, tax is something they believe they can skilfully dodge and make themselves a tidy profit from. For others, however, it is simply a confusing task that can lead to trouble through quite innocent mistakes.

Forensic accounting and tax issues are closely linked, with the former being an extremely useful tool in resolving the latter.

Tax investigations are not merely a case of determining income and then stating the tax that ought to have been paid on it; as anyone who has filed in a tax return will know, there are countless different areas in which tax should and should not be paid and there are many situations in which people can quite lawfully take advantage of tax deductible items.

These areas are where problems can often arise and at Frenkels Forensics we have vast experience in intervening when someone finds themselves the subject of a tax investigation. A careful examination of the accounts, the stacks of paperwork and a clar understanding of the law allows the expert forensic accountants at Frenkels Forensics to find the answer to a multitude of tax problems.

According to the Office for National Statistics there are 4.5 million self-employed people in the UK. That’s a lot of tax returns to be submitted by 31 January 2015 and for any individual or business that experiences problems when they hand their tax records over to HMRC, remember that forensic accounting services are on hand to provide a speedy resolution to any issues that might arise.

For expert financial help for any tax issues contact Frenkels Forensics for an independent appraisal.

Alternatively, if you’re looking for advice in any aspect of forensic accountancy, then do get in touch via Twitter, Google+, LinkedIn or by visiting our website

By Vitek Frenkel – find me via Google+.

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