Businesses Face Unwelcome Scrutiny

Small businesses all over the UK could soon find themselves the subject of unwelcome interest.

HM Revenue & Customs is launching a major crackdown on “tax dodgers” in different industries, starting with the London restaurant trade. Those who are found to have deliberately sought to evade tax will face a heavy fine and possibly criminal prosecution.

This is merely the first sortie in what looks likely to be a long and bloody campaign which will see specialist teams target specific sectors and locations. The task forces have been formed as part of the government’s £900 million investment in tackling tax evasion, avoidance and fraud from 2011/12, which aims to raise an additional £7 billion each year by 2014/15.

Restaurants in Scotland and the North West will soon be subjected to same scrutiny as the capital’s eateries, with other areas and sectors to follow.

Businesses that operate largely on a cash basis are likely to be a priority for investigation, so firms like this will need to be especially well-prepared, and may need to consider seeking help from a specialist.

Additionally, HMRC has brought in more stringent rules on accounting, so we have created a free new resource on our website that will allow you to check that everything is in order. Simply click here to access our business fitness assessment, business record checker, tax planner and health checker: http://www.sfb.uk.com/free-reports.htm. You will then be able to generate your own personalised report.

If the situation outlined above causes you any concern, please don’t hesitate to get in touch with us for a confidential discussion. We know that campaigns such as this one can cause a lot of undue stress, but do remember that we are here to help you!

Tax Investigations – Protect Yourself

We have some good news and some bad news for you. Firstly, you are now more likely than ever to be investigated by HMRC. (Yep, that’s the bad news!) The good news is that you can protect yourself, your business and ultimately your livelihood from the potentially devastating effects of this scrutiny – and we can help.

In April 2009, HM Revenue & Customs (HMRC) was granted increased powers of investigation and a stricter penalty regime. This is expected to substantially increase the amount of extra tax and penalties collected. Finding out that you are to be the subject of a tax investigation can be extremely stressful, disruptive, confusing or even frightening. It can also end up costing you a LOT of money.

If this does happen to you, it should offer you some reassurance to know that you are not alone. The fact is that HMRC is targeting businesses with increasing frequency. However, whether you are guilty of any irregularities or not, why put yourself in a vulnerable position?

Instead of worrying about how much the investigation is going to end up costing you in fees, penalties and even your own time, you would be well advised to take action NOW.

This may not be something you feel you have to worry about. You may be a member of a trade group such as the FSB, which seems to offer a similar service as part of their membership. However, this is highly unlikely to provide as much of a safeguard as a specialised policy will.

SFB provides a comprehensive Tax Investigation Service that offers you peace of mind for an affordable sum. You could end up saving a substantial amount of money in exchange for a minimal outlay. For more information on how to protect yourself, contact us on 02476 384171.