Following HMRC’s disclosure that one in 10 small businesses is under investigation in an attempt to get back the tax it failed to collect in 2015-2016, members may be interested to know that ICAEW has issued some advice to businesses that may be under scrutiny.
With one in 10 small companies expected to be reviewed, there are practical steps that can be made.
Clive Lewis, ICAEW Head of Enterprise, said: “Legally, businesses have to keep records for income, VAT and employees. If HMRC announces that it is looking more closely at a company it can be both daunting and frightening for the business owner.”
Further information on what to do if a business is under investigation from HMRC and details of the ICAEW Business Advice Service can be found at www.businessadviceservice.com
Article available at:https://www.icaew.com/en/groups-and-networks/local-groups-and-societies/london-ds/london-accountant/news/jun18-hmrc
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