Tax investigation specialists. Who do you recommend?

[quainoz]

I have decided to go down the voluntary declaration route. I do not have knowledge to manage this process though.

It seems there are allot of tax advisory services popping up when googled. I have no idea if any offer good service or value.

Can anyone here provide recommendations / advice in this regard?

Cheers.

 

[Gavin Bates]

Hi

It not clear what you are looking for. What is the voluntary declaration that you are after.

Regards

Gavin

 

[quainoz]

Hi.

Voluntarily declare personal back taxes. I don't know how to do this properly so will seek out professional help. Most of 5he firms advertised deal with HMRC investigations as well (just in case). I don't know whicj firms I can trust though.

 

[KAC]

Do you have any idea how much the liability will be as that may affect the advice. Will you be able to pay the tax or will you be personally insolvent?

 

[quainoz]

I think I am likely to be personally insolvent. Can possibly raise half the amount. I want to pay but it seems from what I have read that HMRC don't tend to provide any wriggle room. I am hoping a professional can negotiate with them.

 

[Mr D]

Limited company insolvent or personally bankrupt?

 

[quainoz]

Likely both. I stuck my head in the sand for too long. When I engage with HMRC over my personal taxes (the DLA) they will want to investigate the comp. I have screwed myself all ways. I am meeting with IP next week to discuss preparing accounts and options. Terrifying from my perspective. I feel like my life is about to fall apart.

 

[Newchodge]

If you are seeing an IP, they will be best placed to discuss these issues.

Your life is not falling apart, you are just going theough a bit of an issue. Don't panic. Everything can be sorted out.

 

[Mr D]

IPs can be nice people, they should act professional. Like you they are interested in protecting the creditors so you are on the same side.
Not using IP is stressful.

 

[Lisa Thomas]

Feel free to get in touch with me if you would like a second opinion.

 

[UK Contractor Accountant]

When I engage with HMRC over my personal taxes (the DLA) they will want to investigate the comp

the company has been dissolved. hmrc are not going to restore the company to the Company Register so that they can appoint the Official Reveiver to investigate the company and your DLA.

Your only issue is declaring your income from the company on your personal tax returns for the relevant tax years. You don't need an IP you need an Accountant.

If you regarded your drawings from the company as dividends (legal + illegal divs) then just declare as such on your Tax Returns. Illegal dividends are technically repayable to the company but as the company no longer exists its irrelevant.

 

[quainoz]

Thank you all.

@UK Contractor Accountant

This is the thing. There are two route options:

1. Appoint a tax investigation specialist to put my personal accounts right and defend against HMRC investigation. Ironically I think this is the more open ended option because the truth is I don't know how HMRC will proceed and obviously I will have to pay out of pocket for this advise which may or may not work.

2. Appoint an IP, draw up accounts for business & personal, reform and liquidate business, realise personal liability, probably get struck-off. Spend the next five years either paying back an IVA or go bankrupt as HMRC may not be bothered with an IVA.

 

[SteveHa]

As has been mentioned, the best course of action will depend to some extent on the amounts involved.

As has already been mentioned, unless we are talking about very significant sums, HMRC are unlikely to restore the company just to start an ultimately pointless investigation, in which case it is likely only personal tax that needs to be considered.