With deficit reduction at the top of the Government’s list of priorities, it would surprise no one to see an increase HMRC investigations in the coming months.
This is potentially bad news for smaller businesses that are unlikely to have finance departments that can deal with a full-scale investigation. When the taxman visits a smaller business it can tie up a lot of senior managers’ time and divert precious resources away from the important task of growing the business. It can also be very costly. (more…)