Katy Booth, Corporate Finance Director at cbaSadofskys is warning small businesses to get their affairs in order as HMRC compliance officers are randomly targeting SMEs to investigate.
Chartered accountants at cbaSadofskys issued the warning adding that officers are looking into the their tax affairs, activity which can incur fees.
With offices in both Beverley and Hull cbaSadofskys are keen to ensure that local businesss in the area are aware of the risks firms in the region face.
Katy said that people have no choice to comply, speaking about how firms can protect themselves from unforeseen costs and dealing with HMRC she said;
“The Government is using all available means to raise additional funds. A typical tax enquiry can take over two years to conclude and if HMRC decide to investigate your tax affairs you must comply.”
“Some businesses have been fined up to £3,000 for missing paperwork.”
“Quite often, an investigation finds nothing untoward about a business and their tax affairs but it is a huge inconvenience and without appropriate protection which is available from most accountants, can also incur extra fees.”
cbaSadofskys also say that firms in the region are feeling the pinch given the uncertainty being created by Brexit, Katy added;
“This added to the uncertainty many people are experiencing with Brexit looming over us, we know that local businesses are feeling the pinch and want to assure them that if HMRC does knock on their door, we will be able to assist them without it costing any more than it needs to.”
“Every year, we advise clients to take out a simple insurance which covers them against the fees incurred.”
cbaSadofskys welcomes enquiries from anyone completing a self assessment tax return to call 01482 228488 or email info@cbasadofskys.co.uk.
More about the services offered by cbaSadofskys can be found on theirweb site.
