NEWS SURVEY REVEALS SMES ANNOYED BY HMRC INVESTIGATIONS
HMRC’s own research shows that over half of small businesses in the UK think its tax investigations are too intensive, according to a new report
THE HMRC-COMMISSIONED research reveals that:
•52% of small businesses think HMRC’s tax investigations are too intensive •56% of businesses do not think HMRC attempts to minimise the cost, time and effort involved in dealing with inquiries
PfP, which specialises in insuring
against the cost of tax investigations, says tax investigations can be hugely disruptive for small businesses and often result in large professional fees, which drains
resources and uses up funds that could have been reinvested in the business. However, smaller businesses are often
targeted because they are unlikely to have the same resources as large businesses, such as legal teams and tax specialists, to negotiate with tax inspectors and close down or limit inquiries. PfP says the focus on small businesses is likely to continue given the high levels of extra tax collected by HMRC through its investigations into this taxpayer group. Kevin Igoe, MD at PfP, said: “Small businesses think they are getting
rough treatment from HMRC and are making this clear. Small businesses are often at the receiving end of lengthy tax investigations, which can be very disruptive. Many of these businesses also do not have the resources at their disposal to manage an inquiry or negotiate with inspectors. “Although some small businesses
responded positively when asked about their impressions of HMRC’s investigations, we need to get to a point where an overwhelming majority are happy with what’s happening.”
APPRENTICE WINNER TO CREATE DIGITAL SUPER GROUP
CLIMB ONLINE, the digital marketing agency founded by BBC Apprentice winner, Mark Wright, has announced plans to develop a new digital umbrella, the ‘Climb Group’, with the acquisition of five new businesses. Initially launched in January 2015, Climb Online is the only Apprentice- born business to have turned over in excess of £1 million during its first year of trading, and now has a forecasted turnover of £7.5 million for 2018 alone. This latest move will see the
The Climb Online London team with BBC Apprentice winner, Mark Wright, and Lord Sugar
agency enhance its existing service offering of SEO, PPC (pay-per-click) and social media advertising to create an integrated marketing service for businesses operating across the UK and overseas. Mark said: “In three and a half years, Climb Online has become one of the UK’s fastest growing and industry leading digital marketing agencies, where we as a team have worked extremely hard to offer our clients an innovative service and positive return on investment for campaign spend.”
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