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.
Steve Aston at AGS 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 Wolverhampton may start to take relaxed
approach to their finances.
“However you could be the subject
of an investigation of any point 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.
