The deadline for self assessment and company
tax returns may have just passed, but that
doesn’t mean small businesses can rest
on their laurels.
According to a recent poll, 12 per cent of
small businesses across the UK have been subjected
to a tax investigation, and this can be far
more time consuming than any tax return.
Chris Barnes at Barnes Hunter comments: “With
the rush over to meet the deadline of January
31 set by HM Revenue and Customs, small businesses
and the self employed across Bristol may start
to take relaxed approach to their finances.
“However you could be the subject of
an investigation and it’s essential
your finances are in order to avoid falling
foul of the taxman. To make sure you’re
prepared keep your books and records up to
date, particularly if your business deals
in cash as this is often an area most scrutinised.”
Revenue & Customs has the power to investigate
tax returns without having to provide a reason.
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