Croeso y Gogledd! - North Wales Online Community

Dont Get Caught Out by HMRC

HMRC audits have turned into a rite of passage for very many small to medium business owners, and some even go as far as believing that only after your first HMRC audit, you’re no longer a new business. Saying that, they can be completely terrifying. You don’t have to be under suspicion of any wrongdoing at the Tax office in order to receive notification that the Taxman will be visiting, as tax audits are selected at random.

The services of a good accountant in St Asaph can help you prepare for the inevitable audit with a comprehensive tax investigations service in North Wales, and also a statutory regulations and audits service to help you review the organisation and detect abnormalities within your business which may indicate either dishonesty or something being wrong.  

One of the areas your accountant will pay extra close attention to is employee expenses. Historically, employee expenses are an area where a lot of small to medium businesses have slipped up, and many small to medium businesses, with the whirl of setting up and sudden expansion, do tend to struggle to keep proper record of costs. An accountant in North Wales’ assessment of your business before HMRC’s assessment will identify things which are wrong, without the costs HMRC levy onto businesses which either deliberately or accidentally aren’t playing by the rules.

Your accountant will also go through your records, and they will forensically examine them in the manner that HMRC will. Making sure that you meet your tax requirements is important of course, and they will target any reimbursement costs which may be missing or incorrect – as well as ascertaining proof where costs have been incurred.

Look for an accountant which is experienced in audit work for a variety of sectors. Salisburys Accountants in St Asaph for example have a longstanding experience in audit work for companies, public sector bodies and charities. With experience of financial accounting and the specialist knowledge that goes into the audit process, Salisburys accountants can help reduce the stress you’ll incur when HMRC’s notification hits your doorstep.  

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