Her Majesty’s Revenue and Customs (HMRC) is constantly on the look out for those who are not paying their tax and one group firmly in the sights is landlords.
According to an expert, Edge Tax, HMRC is on the look out for landlords who are evading their tax liabilities. A crackdown by teams in London, South-East England and Yorkshire has already retrieved an extra £12 million through tax investigations but have also resulted in 80 criminal investigations.
Edge Tax has stated that the South West and Wales could be next on the list for a HMRC campaign, South West Business reported.
Regardless of one’s guilt or innocence, a tax investigation can be extremely worrying – they are highly technical and the range of facts and figures they require often makes them very complex. That is why forensic accounting services are so commonly called up by people who come under the tax man’s microscope.
Frenkels Forensics are hugely experienced in assisting with tax investigations. As one would expect from an accountancy firm, the experts at Frenkels Forensics know how HMRC likes to work; not only can then put forward all the information needed to resolve any tax disputes but they can also put it forward in the form that is easy to understand and supported by the records, thus ensuring HMRC can quickly digest it and not have to become entrenched in a long, drawn out investigation.
Whether a landlord in the South West or anyone else subjected to a tax investigation, one key action to take is to always have the right professional advice before entering into discussions with HMRC to make sure matters do not escalate.
For expert financial help with any tax issues contact Frenkels Forensics for an independent appraisal.
By Vitek Frenkel – find me via Google+.