Tax Enquiry Support
What is a Tax Enquiry?
A tax enquiry may be initiated by either HMRC or the Irish Revenue and is essentially when your tax affairs are selected for further scrutiny.
The tax authorities have a right to do this and selection may be random, or deliberate whereby they may have reason to believe there has been an error or mistake.
As tax returns are ‘self-assessed’ as such, there is sometimes a need to regulate this by carrying out routine compliance checks on individuals and businesses.
Tax enquiries can sometimes be conducted as an ‘aspect enquiry’, which is where one particular part of (or entry on) your tax return is selected for enquiry, rather than the return in its entirety, for example, an enquiry into capital allowances claimed on plant and machinery, income declared from self-employment or figures returned in relation to a rental property. Compliance checks / enquiries are often implemented based on the risk to the taxpayer.
Why do you need advice on Tax enquiries?
Receiving a compliance check or enquiry notice from the local tax authority can be both overwhelming and worrying, but enlisting professional advice can help to alleviate your concerns with the knowledge that an expert is there to liaise with HMRC or the Irish Revenue on your behalf.
You are ultimately responsible for ensuring the entries on your return are complete and correct to the best of your knowledge and belief, however you may not fully understand the technical legislation behind all of the entries or any reliefs/allowances you are entitled to and your accountant can help you to answer any questions in relation to this, as well as supporting you throughout the process. We are experienced in dealing with tax enquiries and know how stressful these can be for a client. Getting professional advice as early as possible will help you to ensure the enquiry is dealt with efficiently and effectively.’
What Exchange Accountants can do for you:
If you enlist the help of Exchange Accountants to deal with a compliance check or tax enquiry/investigation on your behalf, we will look after the whole process from the initial enquiry notice right through to resolution, helping to take the time and stress out of your hands whilst still ensuring you are kept adequately updated throughout. This includes: Liaising directly with HMRC or Irish Revenue, gathering relevant supporting evidence, advising on legalities & tax technical issues. We can now also generally opt to communicate digitally with the tax authorities via email rather than post, which helps to speed up the whole process and work towards a resolution in a timelier manner.
