HMRC is entitled to ask for reasonably required information, but the definition of reasonable is not always easy to define.

Shaz shares invaluable information about the do’s and don’ts when HMRC want to set up a tax enquiry meeting.

It can be easy to think you need to give everything that’s asked for but Shaz explains why this isn’t the case and some of the reasons behind why they are requesting particular information along with what you can do to make sure any information shared is reasonably required.

 

KEY TAKEAWAYS

• When they ask for information always ask is this reasonably required?’
• Ask for them to justify why they think it’s reasonably required
• Having opened an enquiry they often request a meeting but there is no requirement for you to meet with them.
• Request a detailed agenda and timings  if you choose to attend
• You can walk away from the meeting at any point if you don’t feel comfortable
• When they send the notes from the meeting, you should think very carefully about signing them.
• You are under no obligation to sign and if signed they can use the information against you.
• They are not entitled to personal bank statements unless there is a particular discrepancy and they need to justify this
• At the end of an enquiry ask them to confirm that you have claimed everything.
• If they impose a penalty you should negotiate because you can often lower it.

 

BEST MOMENTS

‘Don’t give them everything and anything they ask for’

‘You can choose not to meet with them and still be cooperating’

‘Sometimes they are just trying it on’

 

VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

•   Facebook
•   LinkedIn
•   Instagram
•   YouTube.