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HMRC investigation


Andrew rigby

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No not had one but know ones that have , they will want you to account for every penny in the bank , and records of everything and they go back 7 years , it’s a very time consuming process and from what I have been told they almost treat you like a criminal , good luck let us know how it goes .

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6 hours ago, Andrew rigby said:

any one been investigated and no hiw far they go with it? 

had nasty letter in the post. 

Most of the time they have had a tip off from a so called friend. Alot of folk get jealous when they notice how well you are doing. I have a wicked relative who tried to report me so I'm always on the level and will be in every business I run. They have all the power and can grind you down.

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Haven't myself but have heard of others getting one. You probably just been selected randomly.

As long as everything is above board, there is no need to worry. Otherwise burn everything 🔥🔥🔥🤣

Does the letter clarify what they are looking for, time period etc.

They can go back 6 years for a generally enquiry, or 20 years if they think fraud is involved.

Talk to your accountant, and they help you get prepared.

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3 hours ago, laddergarder said:

Haven't myself but have heard of others getting one. You probably just been selected randomly.

As long as everything is above board, there is no need to worry. Otherwise burn everything 🔥🔥🔥🤣

Does the letter clarify what they are looking for, time period etc.

They can go back 6 years for a generally enquiry, or 20 years if they think fraud is involved.

Talk to your accountant, and they help you get prepared.

I think the law must be different in Scotland then as Ime sure in England it’s a maximum of 7 years that they can go back 

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21 minutes ago, Pjj said:

I think the law must be different in Scotland then as Ime sure in England it’s a maximum of 7 years that they can go back 

Just googled it and that does  say 20 years and 6 years all the ones I know that have had investigations they have had to produce  7 years  that’s the legal requirement that you have to keep paperwork for so don’t understand how they could go back 20 years ???? As those records would have been destroyed . 

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15 minutes ago, Pjj said:

Just googled it and that does  say 20 years and 6 years all the ones I know that have had investigations they have had to produce  7 years  that’s the legal requirement that you have to keep paperwork for so don’t understand how they could go back 20 years ???? As those records would have been destroyed . 

Each year in April we shred the 8 year old records as trying to keep that much paperwork takes too much space. 

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20 hours ago, Andrew rigby said:

any one been investigated and no hiw far they go with it? 

had nasty letter in the post. 

Have threatened to dawn raid and kick your door down? 

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All depends what the letter says.

If They believe a fraud or underpayment in tax has occurred then it can be very time consuming and cost you.Your accountant will help you out but he will charge you for the privilege and if you genuinely owe it then there is not to much you can do.

 A mate of mine who is a barber got caught not declaring cash years ago they took him to the cleaners.

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Always be 100% legit, its just not worth the risk of not being.

 

A taxi driver i used to know when i was driving got stung and they went back 6yrs, and he had destroyed all his paperwork every year, i cant remember what his fine was but it was life changing.

The one years paperwork that he did have he had not declared any tips and they even screwed him on that they decided that he would get on avg 10% tips on each journey and because he couldnt prove he didnt and they didnt need to prove he did because they are HMRC and what they say goes.

Just make sure all your paperworks in order and theres no stumbling blocks and youll be fine.

 

Remember if they suspect your on the fiddle, they can also look into your wife and kids bank accounts, and youll need to be able to account for everything

 

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15 hours ago, Pjj said:

Just googled it and that does  say 20 years and 6 years all the ones I know that have had investigations they have had to produce  7 years  that’s the legal requirement that you have to keep paperwork for so don’t understand how they could go back 20 years ???? As those records would have been destroyed . 

I assume they would go through bank records. Its only if they detect fraud they would do that.

To be honest if they find a mistake in my books your lucky if it would be out by a few hundred. So good luck to them. It would be more work that its worth for them.

I think there will be a few more in the coming years focused around the covid grants they have gave out.

15 hours ago, ched999uk said:

Each year in April we shred the 8 year old records as trying to keep that much paperwork takes too much space. 

I print nothing. Everything is on file, the only thing I keep is my bank statements, and receipts.

Edited by laddergarder
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9 hours ago, Cghwindowcleaning said:

All depends what the letter says.

If They believe a fraud or underpayment in tax has occurred then it can be very time consuming and cost you.Your accountant will help you out but he will charge you for the privilege and if you genuinely owe it then there is not to much you can do.

 A mate of mine who is a barber got caught not declaring cash years ago they took him to the cleaners.

If it's a nasty letter I can only assume maybe they have already checked his finances under suspicion.

A guy I know thought he was been clever putting money into families named savings accounts etc and was never an extravagant spender but clearly hmrc suspected something and he went and bought a house for cash, he tried to claim in his previous 15 years of trading or whatever it was he wasn't earning that much he was shocked when they turned around and said well how come you bought a house for cash and they had loads more on him, this was over 15 years ago, he had seriously defrauded them and paid the penalty,

I'd sooner be 100% legit and sleep at night knowing I'm on the right side of the law. 

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Cash isn’t as big an issue as it once was. 
25 years ago I reckon I got paid 85% cash ,15% cheques. 
Now I doubt I get 10% cash as it’s nearly all bank transfer. 
It certainly makes the accounts much simpler now. 

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  • 2 weeks later...
On 19/09/2021 at 18:52, laddergarder said:

As long as everything is above board, there is no need to worry. Otherwise burn everything 🔥🔥🔥🤣

Must be a big fire as he hasn't responded since 

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