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Could you be the Subject of a Tax Investigation?

Any business, including individual personal trainers, could become the subject of a tax investigation if they are selected by HM Revenue & Customs’ Risk Intelligence Assessment Teams (RIATs). As might be expected, the RIATs are secretive about the way they operate and are even protected from providing details by the Freedom of Information Act. However, John Shaw, partner at Bentley's Chartered Accountants in Bolton says that there are warning signs that could be possible triggers of an investigation. Tax issues that are likely to arouse their interest include:
  • more than one recent set of overdue accounts or tax returns
  • significantly fluctuating income or expenses
  • expenses that are obviously incorrect
  • no adjustments for the private use element of expenses
  • low income compared with likely outgoings.
Says John, “Some simple steps can help to reduce your risk of attracting the RIATs’ attention. Staying up to date with your tax returns is a wise move, even if you have to submit a form using estimated figures. Make sure that you tick the “estimated figures” box on the declaration page and submit the correct figure as soon as you can.” Many businesses take out insurance so that in the case of an investigation they are able to meet the cost of the additional professional fees. These schemes can cost as little as £40 per year for a personal tax return or £110 for a sole trader. John says that this may prove a wise precaution as investigations can often cost thousands of pounds in professional fees, interest and penalties on unpaid tax. For further information please contact John Shaw on 01204 388675. Only some personal trainer courses are created equal. Our worldwide recognised PT qualifications are developed and delivered by several of the industry's top experts, including medical professionals, physiotherapists, celebrity personal trainers, nutritionists and dietitians. See from the best with Focus Training. Our popular Focus Training courses associated with this blog post on could you be the subject of a Tax investigation? include our level 2 gym instructor courses, exercise referral qualification, sports massage courses near me and the extremely popular pt courses. No personal trainer qualification is actually complete without practical workshops that help you on the way to gaining your special training certification. Through our main page you can find a lot more educational info on pt courses online.