When we hear the dreaded words ‘tax inspection’, the first reaction is to panic or to assume that you are just a few paces away from the guillotine. Relax, there’s no need to panic or cancel the milk.
An inspection does not mean that you are guilty unless proven innocent. Inspectors are instructed to be helpful so you can ask as many questions as you like; look upon them more like the person who is putting your car through an MOT rather than a Mafia heavy.
Obviously don’t start shredding everything – that only looks as if you have something to hide and don’t be vague when asked about missing documents, that only seems suspicious. Don’t make promises you might not be able to keep. If it is going to take a week to find a document, don’t promise it within 24 hours.
Be well prepared for your meeting – if you seem not to be dealing with it professionally, it could tell the inspector volumes about how you are running your finances.
Tax inspections are going on every day all over the country so don’t think you are being persecuted. Think of it as a transaction of information.
Still not relaxed? Get in touch with CWR Accountants today.