All About Self Employment
037 What to do if HMRC investigate?
Episode notes
No-one wants to have their finances investigated by HMRC, but it can happen to any self-employed person even if they have done nothing wrong. So what do you do if you find yourself in that position, and how do you know being investigated anyway? These are just some of the questions we asked the brilliant Tom Wallace, Director of Tax Investigations at WTT Group, as he has years of experience of helping people in this situation. Some of our key takeaways are:
- Don't panic!
- HMRC don't usually go away, so don't be in denial either;
- Don’t assume it’s a fishing expedition, assume they’ve identified something;
- It's very hard to defend your case if you don't have records and supporting evidence.