Following the pandemic, HMRC are now focusing their efforts on VAT, Corporation Tax and Income Tax enquiries.
The last two years has seen HMRC prioritise those abusing the Coronavirus Job Retention Scheme, however, in the last quarter, there have been a notable increase in VAT, Corporation Tax and Income Tax enquiries being opened.
With 2021’s reported tax investigation revenue increasing by £1.2 billion compared to 2020, and £30.8 billion total revenue being generated in 2021, it is unsurprising to see HMRC intensifying their enquiry activity this year. VAT enquiries have reportedly been making up the bulk of enquiries in the April to June period.
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Aside from any penalties received for failing to pay tax, the process can be expensive, time-consuming and stressful, not to mention a significant distraction from the business.
Here at Magma, we have a depth of tax knowledge and practical expertise including handling HMRC enquiries. If you would like to discuss your own situation, contact one of our team below.
Our experienced and approachable team are on-hand to assist you, please get in touch below: