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Protect yourself

There is no doubt that the tax office are more active with tax investigations; there has been a lot of announcements about targeting specific industries.

You can not stop the tax office investigating you but you can take steps to protect yourself. The two things I recommend are taking out insurance which will pay for professional representation and making sure your bookkeeping is 100%.

The reason I recommend insurance is because you may take a considerable amount of time and energy to close an enquiry. And, if you are unable to defend yourself you may need to accept a higher tax bill.

100% bookkeeping is not difficult with modern systems and we offer training, coaching and support. The reason it is so important is that the tax inspector will try and “break the records”. This means finding a mistake and when they do this they can say the records can not be relied on. You then need to prove yourself innocent!

I recommend completing a Financial Systems Audit and looking at the new online systems that are available because they can cut down on the time you need to spend and enable us to work more effectively together.