Tax is a constant source of aggrievance and agitation, from the pain of having it taken away from your earnings in the first place through to disgruntlement over what those taxes are spent on by government. It is no surprise, therefore, that stories about individuals or companies not paying tax are usually met with such widespread, uniformed disapproval.
One such tax investigation that has been launched recently involved HSBC; the banking giant is under the microscope for purportedly helping wealthy clients across the world evade hundreds of millions of pounds worth of tax. While this is a huge scale operation, it comes at the tip of a far wider approach from HMRC to investigate suspicious tax records – and when the taxman comes knocking, the forensic accounting experts at Frenkels Forensics are able to provide invaluable insight and assistance.
In November 2014 alone HMRC stated that 40,000 landlords were under investigation for not paying enough tax. This is one of the main areas of focus within the tax organisation’s attempts to reclaim £35 billion lost in unpaid tax each year.
In handling a tax investigation, having the experience of someone who knows how the procedures work is extremely important. Furthermore, understanding what information is required and how it ought to be presented to HMRC can save both time and money.
Separating multiple sources of income, deducting relevant expenses from those incomes and understanding the full scope of what is and is not allowed under law will bring a tax investigation to a fair and swift resolution. Moreover, in what can often be a laborious, stressful and complicated process, forensic accountants can offer relief from the burden of dealing with HMRC by acting on the defendant’s behalf, thereby freeing up their time to continue with their day-to-day work.
For expert financial help with any tax issues contact Frenkels Forensics for an independent appraisal.
By Vitek Frenkel – find me via Google+.