Inland Revenue Aggressiveness – Award Winning Accountant
It’s a strange place to talk about Inland Revenue aggressiveness and what I wanted to talk to you about today is some feedback on, of course, a tax conference I went to a couple of days ago and it was a little bit scary. Accountants around the country met up and we all seemed to agree that the Inland Revenue have got a lot, and I mean a lot more aggressive. Not only has the penalty system got much worse but their ability and willingness to negotiate and listen to reason is really at an all-time low.
Remember now they have the opportunity to go right into your bank account and take what they believe is owing, whether or not it is owing without going to court. This has never ever been done before.
So we live in really strange times with Inland Revenue in the UK. So what my video message here to you today is make sure you’re protected. Make sure you don’t leave any holes in your procedures, in your methodologies, in your claims. Make sure you follow the advice of your accountant. Make sure that you’re keeping really good records because if you don’t, they can find you instantly and charge you any amount of tax they like without any question just because you demonstrated you failed to give good record.
Make sure your expenses claims are fully justified. Mileage claims should be recorded. Your business expenses should be demonstrated to be for business. A lot of directors spend money taking clients out for meals and stuff. This should be recorded, which clients and how long for,and make sure it’s reasonable and marked as entertaining, because most of the time, that’s what it is. So please, please, please, do not fall foul of the Inland Revenue’s aggressiveness right now.
We live in really dangerous times and of course why not protect yourself by getting fee protection. Most accountants will offer fee protection to their clients where the insurance company would cover the accountant’s fees so that at least that’s one less worry you have forgetting proper representation when you have a problem with the Inland Revenue and chances are they can do it for any reason. It might happen at any time.
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