“The hardest thing to understand in the world is income tax.” Who uttered these words? None other than Albert Einstein.
When the brain behind the theory of relativity is struggling with taxation there is little more proof required to show just how complicated a subject it can be. That is why forensic accounting specialists such as Frenkels Forensics spend a great deal of time assisting both individuals and companies with all kinds of UK tax investigations.
Some people knowingly commit tax fraud or tax evasion, but many others – even crazy-haired German physicists – simply struggle with the system. Whatever the case, forensic accountants possess the skills and knowledge to bring matters with Her Majesty’s Revenue and Customs (HMRC) to an acceptable conclusion.
Having to sift through millions of tax records every year, HMRC is a busy organisation that is unlikely to accept ignorance as an excuse. This is demonstrated by the fact that a Freedom of Information request by the Telegraph published on 26 October revealed that the tax office had actually paid out £400,000 in 2013 to whistleblowers who had tipped them off about people who were not paying their taxes.
These evident time constraints place even greater emphasis on individuals and businesses getting their taxes in order in good time. And for those who are already embroiled in a tax investigation, the experts at Frenkels Forensics can intervene to establish exactly where the law was breached and go about correcting the problem quickly and with the minimum financial penalty possible.
The fact that forensic accountants know the ins and outs of the taxation process and, moreover, know how HMRC works is invaluable in cases like this. Most importantly, in the long run these experts can save people – from Nobel Prize-winning scientists through to the average person running a small business – time, money and a lot of stress.
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 www.frenkels.com
By Vitek Frenkel – find me via Google+.