Why should I get tax tribunal advice for my family business?

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Are you running a family business? Then you know that all the pressure resides on your shoulders, and you have to do your best to be sure that you would successfully manage it. But some of the aspects which could lead your business to failure do not depend on you and you have to ask for professional help in this case. For example, you would need to hire a professional company which could offer you tax tribunal advice because they are experts in this area, and they know what methods they would use for providing you help. So, if you are not decided yet if you should hire a company specialised in tax assistance, here are some reasons why you should totally consider it.

What benefits do I have when working with tax investigation experts?

It is important to work with experts from the moment when you establish your business, because they would be able to assess you at every step you might do. So, if you are a client of a tax investigation company you would have access to comprehensive tax investigation services, and some companies even offer tax investigation insurance. In case your firm is selected for a HMRC investigation you would be protected.

How should I act if I am the subject of a tax audit?

As soon as you find out that you would be the subject of a tax audit you should get professional help, because you just do not have the required knowledge for dealing with this situation. Also, you would have to ask your accountant to carefully check the systems and records, because the tax investigation would be easier, quicker and would probably do not lead to any penalties if your firm is able to provide up-to-date and accurate information. It is recommended to get expert advice on how to respond for requests for documentation and information. Also, it is recommended to deal with the inspector in writing, as much as possible and to avoid having unaccompanied meetings with them or telephone conversations.

Are there any things I should not do?

The first thing you should not do is to lie the tax investigator. Also, you should not destroy the evidences, because in both of the cases you might have severe penalties. Do not consider that a company specialised in offering tax advice would help you avoid paying taxes, you should start making payments as soon as possible.