Every business person and contract worker knows that they have certain responsibilities in terms of their financial record keeping and tax assessments.
However, understanding that your financial affairs should be in order and actually ensuring that they are, are two very different things. Even prior to COVID-19, HMRC had invested millions of pounds into their investigations department due to the very lucrative returns each £1 invested generated for the nations coffers. It is no surprise then that in a post-COVID world, with both our national deficit being at an all time high and the £billions handed out in furlough claims and SEISS grants, that the Government have an increased appetite for investigating the self employed.
There has already been an increase in all forms of HMRC investigations, and so it has never been more important that your affairs are in good order and accurate.