General Tips

How to handle a tax investigation notice

 

Receiving a tax investigation notice is certainly something that every person dreads. The fear of dealing with legal problems regarding your taxes can cause you a lot of stress and worries. However, in this situation, the key is not to panic, and to take it one step at a time. In order to handle the process wisely, there are some things you will need to do. From searching for HMRC tax investigation specialists, to establishing a possible level of enquiry, you should know a few things in order to deal with the process without further complications.

How to handle a tax investigation notice

Think about the level of enquiry

Start out by establishing the level of enquiry you believe the notice implies. There are mainly three categories: full, aspect and random, and each one of them should be treated with equal responsibility. You will be able to establish this aspect if you are fully aware of your taxes, or with the help of an accountant.   

Hire yourself an accountant

The right tax investigation accountant can prove to be essential in a tax investigation process, regardless if it is a full or random one. Such a pro will help you understand what this notice involves, how you should handle the overall process, and how to respond to the HMRC. So, search for an experienced pro as soon as you receive a notice.

Be well prepared and contact the HMRC

Only after you have established level of enquiry and have discussed with an experienced specialist, you can proceed contacting the HMRC. Make sure you are well prepared, and be aware of the fact that you cannot hide anything from the HMRC, because they have the resources necessary to know your entire tax history. If you know you have done anything that might cause you legal problems, then be straightforward and avoid lying, because you might end up dealing with more serious legal issues. If you have any worries, then ask your tax investigation accountant to deal with the HMRC on your behalf.

Therefore, these are the rules you should know to survive this experience. A tax investigation notice should not be something that worries you necessarily, instead you should maintain your calm, and follow the tips mentioned-above. If you know exactly how the best way to handle a tax investigation is, then you will not deal with any inconvenience or complications. Make sure to consider these guidelines, and also remember that the accountant you hire can prove to be very useful in this process, so choose the right specialist wisely.