HMRC are responsible for ensuring that businesses around the UK declare their tax correctly and accurately. If they believe that you have fraudulently declared your tax, then you may find that you are part of a COP 9 and COP 8 investigation.
These investigations can lead to times of uncertainty for your business, however, there are things that you can do to help to pass through the process with minimal impact on your business as a whole.
What is the difference between the two?
COP 9 investigations are implemented when HMRC has reason to suspect serious tax fraud. They are only opened when HMRC believe that they can reclaim tax that is in excess of £75,000 and can date as far back as 20 years.
COP 8 investigations cover any other suspected fraud cases that are not covered in COP 9. They are put in place when it is believed that there has been a deliberate attempt to pay less tax. This investigation is to recover the tax, issue any penalties and if they find a case for serious fraud, issue a COP 9.
How can we help?
In both forms of investigations, it is recommended that you speak to a professional with knowledge and expertise. They will not only support you through the entire process, but they may even be able to attend meetings with HMRC and advise you how to prepare the correct information that they need.
We know how to bring these investigations to a swift conclusion, ensuring that you have minimal disruption to your business. We will also conduct our own investigations to see if we can reduce your penalties or perhaps even halt the investigation if possible.
If you find yourself undergoing a COP 8 or 9 investigations then you may feel concerned, overwhelmed and in some cases afraid of what the implications could be for your business. Our advice is to seek professional advice and ensure that you reach an outcome quickly, fulfilling the requirements of HMRC. Find a COP 8 investigation accountant with The Accountancy Network.