HOW ONE BUSINESS OWNER WAS HIT HARD BY TAX INSPECTION
August 9 2016.



It can be a daunting experience to receive a letter from HMRC proposing a tax inspection; you may be in for an emotional rollercoaster ride. If you are a small company that keeps good records and declares everything, you should survive, but mistakes aren’t tolerated.


You have to make sure you take care when completing your returns and ensure that they are on time. Don’t give the taxman any reason for concern.

George Shaw underwent a HMRC investigation about 15 years ago, following a full-page article in the Evening Standard regarding his business. Despite the article referring to him and his wife driving ten-year-old cars, not having had a two-week holiday for years, drinking plonk and not always drawing monies owned by my company, the taxman came after Shaw.

‘It cost me £7,500 in (non-deductable) accountancy fees only to discover the taxman owed me money,’ Shaw says.


For the full story at smallbusiness.co.uk CLICK HERE.