Tax investigations are a fact of life. Depending upon your perspective and financial resources, they can be a feature of business or expensive, time consuming and stressful. Many business owners and employees often feel intimidated by an Inland Revenue investigation and are unsure of their rights. This is understandable in light of the extremely wide powers of decision-making and access to information that Inland Revenue has at its disposal and that are delegated to field staff.
The fact remains however, that investigations are a continuing feature of business activity and adequate foresight and planning can minimise the stress and upheaval imposed upon your business.
Grant Thornton's tax advisers can assist you in managing the investigation process and, where required, progress areas of dispute through the formal dispute resolution process to eventual adjudication. In the instance that a tax shortfall exists, we can help you reduce the interest exposure on this discrepancy through the use of a Tax Purchase. If matters proceed to litigation, we can assist in briefing Counsel on your behalf.
Grant Thornton is also able to assist clients prepare for the inevitable by undertaking a risk assessment audit of your business and identifying potential tax issues that confront it. We can highlight areas of potential risk and recommend cost-effective remedial action where appropriate.
For further information on how Grant Thornton can help you please contact: