It is a common misconception that an HMRC enquiry starts on receipt of an enquiry letter. Although a formal notification must be issued by HMRC within a specific timeframe, prior to sending this letter, HMRC will have conducted a risk assessment of the business to estimate any potential amount of tax lost and the years impacted.
Source Smith and Williamson
Latest Posts in "United Kingdom"
- UK VAT Threshold Debate: Growth-Boosting Increase or Revenue-Raising Decrease at Autumn Budget?
- Chancellor Proposes Raising VAT Registration Threshold to £100,000 to Boost UK Economy
- ICS2 Implementation for Northern Ireland: Transition Details and Support for Carriers by HMRC
- FTT Rules Ferrero’s Nutella Biscuits Not Partly Chocolate-Covered, Zero-Rated for VAT
- HMRC Wins Upper Tribunal Case Against Mini Umbrella Company Fraud, Tightens Compliance Rules