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30 Aug 2023

Allwyn, incoming operator of The National Lottery, has urged independent National Lottery retailers to log on to its new online retailer portal via 

30 Aug 2023

Shop owners have expressed scepticism that the Home Secretary's recent call for every theft to be investigated by the police will come to fruition, suggesting that police resources are already...

29 Aug 2023

Consumer confidence is showing “renewed optimism” against a backdrop of falling core inflation, new figures suggest.
 

29 Aug 2023

Shop owners in a part of Coventry have rallied together to launch a street market, with hopes of boosting the number of people that visit the area.

25 Aug 2023

ACT Gold Member Reilly Cycleworks pushes expansion of UK dealer network with the appointment of ex-pro and world champion downhil MTBer Petra Wiltshire as field sales rep

24 Aug 2023

Cytech training provider Spokes People were recently asked by the Afghan National Team if they could suggest any way for them to be supported mechanically at the UCI World Championships in...

16 Aug 2023

Independent quality drinks retailers were woefully underrepresented among those consulted by government over the duty changes now hitting businesses, it has been claimed, after industry magazine...

16 Aug 2023

Online bookshop Bookshop.org has reached its target of raising £3 million in profit for independent booksellers in its fight for them to “thrive in the world of ecommerce”.

15 Aug 2023

A start-up craft baker from south-east London who sells his produce at local food markets has taken home five Great Taste Awards after only 16 months in business.

9 Aug 2023

VOLT e-bikes has announced the launch of a unique Cancel Anytime Subscription model in
conjunction with e-bike rental provider Blike.

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One-in-ten will face HMRC tax investigation

Posted on in Business News , Cycles News , Creative News, Outdoor News

A tenth of the UK's small businesses are facing tax enquiries from HM Revenue and Customs (HMRC).

Over half-a-million small businesses and sole traders are to be investigated by the tax authority, as HMRC seeks to reclaim some of the £34bn tax gap from the 2015-16 financial year.

calculatorHMRC believes almost half (46%) of this gap is made up of unpaid tax from small firms so are making interrogation of this group of businesses a priority.

David Richardson, Interim Director General for Customer Strategy and Tax Design, HMRC, insists that while "many small businesses pay the correct amount of tax" there is a "competitive" need to "tackle those businesses that aren't complying".

Mr Richardson claims that much of the unpaid tax from small businesses is "not through deliberate evasion or avoidance, it is through failing to take reasonable care or through error".

On average, a comprehensive HMRC tax investigation lasts around 16 months, causing disruption and lost time and money for hard-working entrepreneurs.

The best route to avoid an HMRC enquiry would be to employ an accountant to properly take care of everything, but you could still be investigated. Even if your business is successful in defending itself against a tax investigation, you will be responsible for covering any costs or losses incurred during the investigation from HMRC.

To protect your business, every paying ActSmart subscriber has free tax investigation protection, to cover these cost - a service which many businesses pay c.£150 for through their accountant. 

ActSmart subscriptions are available from just £30 per annum and give you access to tax investigation protection, card processing services, 24/7 legal helplines, consumer promotion, online employment manual and general business support all year round.

Join today or contact us to find out more.

 

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