HMRC inspection

SMEs ignore tax inspections at their peril

Tax inspection warning

As a small business owner you've always had the threat of a random HM Revenue & Customs (HMRC) tax inspection hanging over you. The government's current targeting of tax evasion and fraud means the chances of it happening have risen considerably. HMRC exceeded its 2015/16 target of £26.3bn and the government has invested an additional £800m for HMRC to spend on compliance activity, with £300m specifically set aside to target SMEs. So what should you be doing to protect yourself?