What is a Tax Audit?
A Tax Audit is a full review of your tax returns to ensure the correct amount is being paid to HMRC. The average business can expect to the inspected by HMRC every six years. The UK government has however increased the budget for tax inspection with the aim of reducing tax evasion and severe fraud by £900 million to meet deficit reduction targets. An audit completed by Windsor Audit will ensure you are fully compliant and are not paying too much or little tax.
Do you need to complete a Tax Audit?
HMRC is more likely to conduct a tax investigation if:
- You file tax returns late, pay tax late or make errors that need correcting
- There are inconsistencies or substantial variations between different returns, such as a significant fall in income or increase in costs
- Your costs are abnormally high for businesses in your industry
- Your tax returns are inconsistent with how busy your business is or your standard of living
- You have offshore bank accounts
- You have income from property
- You operate in a high-risk industry, such as businesses that routinely take cash payments, or a sector that HMRC has decided to target
- HMRC receives a tip-off
You may want to consider a voluntary tax audit to be completed to help ensure HMRC won’t have a reason to request a full tax investigation.
Why choose Windsor Audit?
Windsor Audit tries to ensure that the tax auditing process is straightforward and seamless for you. We build a time efficient and constructive relationship with you, as well as staying proactive in letting you know what we need and when. We plan our tax audits to meet your compliance needs and ensure your taxes are compliant with HMRC regulations.
We focus on offering a tailored and cost-effective auditing service always taking risk and regulation into account. Every aspect of our service is aimed at keeping you compliant with changing rules and professional standards, as well as helping you structure your business in the most tax-efficient way.
Windsor Audit Limited is registered to carry out audit work in the UK by the Institute of Chartered Accountants in England & Wales (ICAEW). Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C003506654.
For further information, please contact Daniel Mould (Director):
+44 (0)20 7183 9351