Small businesses beware
HMRC is coming down on small businesses this autumn with a barrage of tax investigations.
Abbey Tax, which provides fee protection insurance to firms of accountants, says that the coming months will see an increase in the number of firms being scrutinised by the HMRC.
As part of the government’s move to pay-off the £158 billion budget deficit, these measures are designed to raise some extra funds. Tax inspectors are being asked to bring in as much money as quickly as possible.
With 25 percent of UK SMEs currently exceeding their working capital, according to research from Venture Finance, this couldn’t come at a worse time.
Paul Mason, senior manager at Abbey Tax, says: ‘If you want to claim expenses, make sure you have the receipts to back them up.’
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