Reply to: Have you ever had your Ltd Company audited?

[cojak]

On the basis that every expense has a receipt or it doesn't get claimed, and every mile has the correct odometer reading and associated petrol VAT receipt against it, I don't really worry.

Whatever makes you sleep easy, I guess.

[Gonzo]

These figures are from memory so may not be accurate but, I seem to remember the PCG office saying a couple of years ago that they were getting two claims per week from the membership for investigations, from a membership of around 18,500 that would be a roughly 0.5% chance of an investigation per year but not all of those are IR35 related.

There was a bit in the press a couple of years ago (Private Eye if I recall) that HMRC were cutting back on inspections like this to save costs.

Having said that, you don't leave the chip pan on and not insure your house just because it is unlikely to burn down do you?

I never had an inspection but I only contracted for three and a half years.

[MarillionFan]

We are running at 5-1 here Ladies and Gentlemen. 5 to 1 at present.

Odds, stand at 5 to 7 to 1 of a pull by HMRC for 'something'

So factor that in to all of your inside/outside, shall I, shant I, calculations.

Plus! So far only 1 poster saying that they had been checked for IR35 compliance.

So thats odds of 36 to 1 to have your IR35 friendly contract challenged!!!

MF

Note : Odds and chances are representative of responding posters to said poll and MF takes no responsibility for any advice given or internal cavity searches by HMRC that may occur on making decisions based on this poll.

[Doggy Styles]

Did they come to your house to check the papers?

Yes, but the last time they did that was several years ago. My last VAT inspection was carried out over the phone, which was unexpected. Possibly because they'd seen I keep reasonably good books.

[Lumiere]

I've had a few "VAT inspections"

Did they come to your house to check the papers?

[threaded]

I said yes, but I mistook the question. I've had a few "VAT inspections", and Inland Revenue enquiries (what sort of business do you run?) but not a full blown audit.

I just put HMRC in touch with threaded. He can never remember how many companies he's got so he handles them all.

The IR wimmin is a haridan, but I do like the local VAT woman. She let me touch her badge once.

[Lockhouse]

Been investigated for IR35 like a lot of other people here. That totally changed my attitude about the taxman forever.

Not had a VAT inspection for over 20 years.

Had a couple of HMRC queries - one where my accountant undervalued my company car but it was a genuine mistake and I paid with good grace - so there were looking at my expenses to spot that one.

These days I have minimum expenses etc and I'm on the fixed-rate scheme, plus all my contracts are OK so nothing to see here.

[MarillionFan]

Maybe I should have fine tuned this a little more.

Of those, who ticked yes. Has HMRC ever challenged you on whether a contract was in or ourside IR35?

(might have to repost a poll later in the week)

[Doggy Styles]

I said yes, but I mistook the question. I've had a few "VAT inspections", and Inland Revenue enquiries (what sort of business do you run?) but not a full blown audit.

I just put HMRC in touch with threaded. He can never remember how many companies he's got so he handles them all.

[MarillionFan]

Audited? By who, HMRC or some other body?

Or are you talking 'tax investigation'?

Had 3 Ltd co's for contracting and another for a store based business. In over 13 years, I havent had a company 'audited.'

Well that's the question!

HMRC

[BolshieBastard]

Audited? By who, HMRC or some other body?

Or are you talking 'tax investigation'?

Had 3 Ltd co's for contracting and another for a store based business. In over 13 years, I havent had a company 'audited.'

[NotAllThere]

Had my 'NI' audit. (AHV). Accountant handled it. Usually they're done every four years. The told my accountant it'll be more like eight in our case.

[oversteer]

Had a trading Ltd co audited after about 4 yrs

Turned out a director had been massively underestimating the value of his Mondeo (and overstating his mileage) and they'd picked up on it..

[SofaKingdom]

I've now got a room special for them to use they're here so much.

There again, it's a really nice room, lovely views over my lake, and the housekeeper loves to cook and make finger food, snacks, etc. I've been told: nicer than their office.

Threaded, at least make an effort to make these fantasies remotely plausible otherwise we'll be calling for you nurse sharpish.

[threaded]

Being a foreigner each company I have an interest in gets audited every year.

I've now got a room special for them to use they're here so much.

There again, it's a really nice room, lovely views over my lake, and the housekeeper loves to cook and make finger food, snacks, etc. I've been told: nicer than their office.