Category: VAT

  • SME Tax Investigations

    For most companies the prospect of a tax inspection, however minor, will always create alarm. Yet recent reports suggest that one in ten small businesses are now facing investigation by HMRC; which equates to half a million SMEs across the UK. This is a surprising, and somewhat worrying, statistic.

    The argument for targeting small businesses in this way has come about following a total of £34 billion in unpaid tax faced by the Revenue in 2015-16. Following a report to the Treasury Select Committee, HMRC stated that small businesses contributed 46 percent of this tax ‘gap’, which has somewhat prompted ...