It is important for businesses to have a strong tax risk management framework, as this should lead to a good relationship with HMRC and fewer HMRC enquiries. Before a business receives an enquiry letter, HMRC will probably have conducted a risk assessment and estimated any potential tax lost. Understanding HMRC’s process is therefore a good starting point. HMRC has access to a vast amount of information, both from the UK and overseas, to help identify potential risk areas within a business. These risks are usually identified when discrepancies are found between information from third party sources and details filed as part of a tax return.

Find out more in our published article: HMRC enquiries: 'Why a strong tax risk management framework is critical for businesses' 

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This episode was recorded on 13/04/22

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