At the end of August 2014, Her Majesty’s Revenue & Customs (HMRC) announced that it had successfully tracked down five of its most wanted men and brought them back to the UK to face justice.
Wanted for a variety of scams – from money laundering through to fraud and smuggling – the criminals had cost the country more than £844 million. Although there won’t be many cases that can rival the size and scale of this tax investigation in the near future, there will continue to be countless incidents in which individuals and businesses require help from forensic accounting experts to advise them on how to overcome a range of tax issues.
While some tax avoidance is intentional, often it can result from ignorance or (not meaning to sound too harsh) incompetence. The truth is that tax is a complicated matter, especially for people who would not count maths as one of their strengths.
At Frenkels Forensics we have years of experience when it comes to dealing with HMRC, and it is always advisable to get professional advice before entering into any discussions with the Inland Revenue. Essentially, if a company or individual should find themselves as the subject of a tax investigation of any kind, it is vital that they know exactly where they might have breached the law and what the possible remedies could be.
From VAT investigations through to tax evasion and fraud, having experienced personnel on hand who can establish what the problem is and then go about correcting it in the best possible way is invaluable.
For example, a company might have some finances that have gone unaccounted for – Frenkels Forensics can assist in taking advantage of HMRC’s New Disclosure Opportunity (NDO) so affairs can be put in order before investigations become too advanced, thereby saving the client both time and money on potential financial penalties.
For expert financial help for any tax issues contact Frenkels Forensics for an independent appraisal.
By Vitek Frenkel – find me via Google+.