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on the subject of money - here are a few tips on how to
deal with the dreaded taxman!
What to do if
HMRC investigates you
It is not a situation to
enjoy, having the taxman - HM Revenue & Customs (HMRC) -
inquire in to your financial and financial
circumstances. But there are things you can do to make
the process faster and hopefully simpler.
Although everyone's situation
can vary drastically, here are top 10 tips on what to do
(and indeed, what not to) in the event you are being
inquired in to by HMRC.
1. Don't panic! - Because you
are being inquired in to, it does not mean it will
necessarily be the finish of the world. Even in the
event you have been careless, keep in mind only a few
cases actually finish in a custodial sentence.
2. Get advice - In the event
you are being inquired in to by HMRC, it is highly
recommended that you seek out independent financial
advice from a reputable accountant or adviser. It is
likely to be cheaper, not to mention simpler, in the
3. Keep it calm - Don't
discuss your tax affairs with somebody but a tight
circle of tax advisers. Your best friend's advice and
thoughts on the matter may not be what you need and they
are over likely going to get it wrong.
4. Tell the truth - Don't,
under any circumstances, deceive HMRC. In the long run
it is going to do you no favours.
5. Don't underestimate the
taxman - Don't assume HMRC is ignorant of anything. It
will amaze you the level of resources that the taxman
has at his disposal.
6. Be prepared.
7. Pay up ASAP - Make
significant payments on account. In other words, in the
event you are confident on what settlement you need to
make - then pay up as soon as you can. Not only does it
show co-operation but it could also potentially save you
a tiny fortune in interest, which can accrue on a every
day basis. But don't massively overpay either, as it
could be a drawn-out process getting your money back.
8. Donít destroy facts -
Don't try to destroy facts. In the event you don't have
the paperwork, HMRC may assume you are trying to hide
significantly over you actually are. As a result it may
treat your case even more seriously and the process
could be prolongued. HMRC can investigate back as far as
20 years if it thinks your case warrants such
9. Tell the whole story - Do
not suffer from selective amnesia- don't tell half the
story and wait for HMRC to catch up. In serious cases,
false or deliberately misleading statements can lead to
10. Don't reoffend - With
everything settled, save yourself time and money and
don't re-offend again. HMRC could, and most likely, will
be stronger on a re-offender.