HMRC sent transcript of meeting, asking accuracy

[left-long-ago]

A colleague had a meeting with HMRC, they have written back to confirm the transcript is accurate and based on that they will have further questions.

Normal procedure or are they sharpening the knives ?

 

[bovine]

I would definitely show the transcript to your accountant, just to get an idea of where this might be going and how your colleague has incriminated themself or the company. What was the purpose of the original meeting?

 

[left-long-ago]

It was an audit announced 2 months ahead. The meeting was with the accountant and HMRC.

 

[David Griffiths]

When you say transcript, do you mean a word for word record of the conversations, or do you mean the HMRC notes of the meeting? If it's the latter, then I wouldn't normally commit to them being accurate, as they are one person's interpretation of the meeting. I would point out any clear differences but even then I'd leave the rest unconfirmed.

If it's the former, then that suggests that there is a real problem.

 

[#ServicedOffices]

I am lucky enough never to have a meeting with HMRC so I am very interested in learning more but unable to bring much to the table.

I googled and found this...

In some cases, typed copies of the notes of the meeting will be sent to the person or agent. This action is usually taken when the compliance check involves potential income tax or corporation tax liabilities. Depending on the circumstances, the person or agent may be asked for their agreement and signature, and this should be mentioned during the course of the meeting.​

http://www.hmrc.gov.uk/manuals/cogmanual/COG11820.htm

This is HMRC's Compliance Operational Guidance guidance which might not have anything to do with your meeting. Reading in between the lines of the above snippet... a) It's notes b) Relates to taxation (probably Corporation Tax) c) Not every case involves the requirement for agreement and signature.

This makes me think that its likely there is an additional tax liability involved but doesn't necessary imply any wrongdoing. I wouldn't agree and sign without ensuring you know what the consequences may be.

Were there any problems? If so, is the blame held with yourself or the accountant? How severe is it?

Doesn't necessary imply any issues it might just be good practice for everyone to confirm and sign.

 

[Bob]

Totally agree with @David Griffiths . If this a summary of discussions at the meeting, it will be biased towards their interpretation of what was said. Never used to sign and return the summary. Merely note what they say and point out any clear errors or omissions without accepting the remainder of the notes. Presumably he is in any case receiving advice from his accountant about both these notes and any potential tax problems unearthed