As the UK government continues its clampdown on people not paying their taxes, those further down the pecking order can also expect to be thrust under the microscope.
FT Adviser, having spoken to numerous tax experts, has claimed that the Chancellor George Osborne is going to be targeting tax evaders with between £10 million and £20 million in liquid assets. Furthermore, over time HMRC will shift its focus onto smaller targets still, which means the number of individuals and businesses that are subjected to a tax investigation is likely to rise dramatically over the coming years.
Tax investigations, even for those savvy with finance, are fraught with difficulties, which is why forensic accounting services such as those provided by Frenkels Forensics can prove so valuable.
Firstly there is the complexity of the calculations themselves; as anyone who has ever filed a tax return will know, there are a huge range of things that must be taken into consideration when it comes to determining exactly how much tax is owed. And forensic accountants are experts in ensuring a business or individual is only paying the amount they need to after all tax deductibles have been factored in.
However, arriving at the right figures is only part of the battle – it is also extremely important that the required information is provided to HMRC in the right way. Frenkels Forensics, with years of experience behind it, knows exactly how HMRC likes the information to be presented. This helps anyone subjected to a tax investigation to reach a settlement or prove their innocence as quickly and easily as possible.
For expert financial help with 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+.