No-one wants to have their finances investigated by HMRC, but it can happen to any self-employed person even if they have done nothing wrong. So what do you do if you find yourself in that position, and how do you know being investigated anyway? These are just some of the questions we asked the brilliant Tom Wallace, Director of Tax Investigations at WTT Group, as he has years of experience of helping people in this situation.
Some of our key takeaways are:
- Don’t panic!
- HMRC don’t usually go away, so don’t be in denial either;
- Don’t assume it’s a fishing expedition, assume they’ve identified something;
- It’s very hard to defend your case if you don’t have records and supporting evidence.
This episode is essential listening for anyone unsure what they would do if faced with an HMRC investigation.
About Tom Wallace
Tom is Director of Tax Investigations at WTT Group. He is a former Senior Inspector of Taxes who since leaving HMRC in 2017 has focused on the tax needs of freelancers, both resolving historic issues and advising on their ongoing compliance and planning requirements. He is a member of the Society of Trust and Estate Practitioners (STEP) and has a specialist interest in international mobility in the contingent workforce.