Business Economics Exercises

2020 Tax Protection have seen a case recently where HMRC carried out a Business Economics Exercise on a client’s business. This was carried out fairly early on in a full enquiry. Accountants need to be aware that such exercises should only be carried out where the records have been broken. They should not be carried out simply because HMRC feels it is common practice for a type of business when under enquiry. If you co operate with an exercise which is not justified at the outset it is very difficult to back away if things go wrong. If HMRC suggests such an exercise make sure they are fully justified in doing so. 

For further details please visit www.2020taxprotection.com, call +44(0) 1268 494 317 or email info@2020taxprotection.com.