An asset that has highly appreciated and owned in joint names can cause a challenge when it comes to IHT planning. Here we take a look at some careful IHT planning we assisted a client with in relation to a jointly owned asset.
Successfully Navigating a Corporation Tax Compliance Check
Tax Advisory
We delve into a case where a client was subjected to a random compliance check on their Corporation Tax Return, causing significant distress and worry.
Task
Our task was to manage the compliance check process, maintain regular communication with the client to reassure them, and correspond with the HMRC officer to justify the expenses questioned and defend the client’s tax position.
Actions Taken by us
Client Communication and Support:
- We maintained regular contact with the client to provide updates on the investigation’s progress.
- Provided the client reassurance throughout the process, alleviating their distress and worry
HMRC Correspondence:
- Engaged in direct communication with the HMRC officer over several months.
- Justified a number of expenses that were under scrutiny, providing necessary documentation and explanations.
Result
Defended Tax Position
We successfully defended the client’s tax position, demonstrating the legitimacy of the expenses questioned.
Formal Closure
Secured a formal closure of the compliance check with only a marginal liability due.
No Penalties:
Achieved an outcome with no penalties charged to the client.
Summary
Our client was subjected to a random compliance check on their Corporation Tax Return, leading to significant distress.
Through direct communication with HMRC, we justified the questioned expenses, successfully defended the client’s tax position, and secured a formal closure of the compliance check.
The result was a marginal liability with no penalties, ensuring a smooth and stress-free resolution.
Getting in touch with us
If you would like to talk to us about a HMRC letter or if you are concerned about an investigation please take the next step and request a call back or call us on 01634 731390
Our services
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