What Triggers An HMRC Investigation?: In my latest video, I break down the UK tax basics you need to know to stay protected.
In the video, I explain exactly what triggers an HMRC investigation, and how you can avoid it happening to you.
If you are a property investor, a business owner, or self-employed you need to watch this video until the very end. Watching this video could save you thousands, and help you avoid a lengthy investigation!
You can watch the video at the top of the page, or on YouTube. Drop me a comment on the YouTube page letting me know about any other red flags which can trigger a tax investigation in the UK.
In this article, I will give you 5 things that can cause HMRC to investigate you! This will help you to protect yourself by knowing exactly what to be aware of!
These opinions are based on my experience as a multimillionaire property investor. I am not an accountant or a lawyer, and this isn’t professional advice. Concepts have been simplified for a general audience. Use this information as a starting point for a conversation with your accountant. Do not take any action without seeking professional advice.
The rich already know the rules, and use them to their advantage. However, most everyday people have very little knowledge of the tax rules. I want as many people as possible to learn what triggers an HMRC investigation, so that ordinary people don’t get caught out!
Please help me to get this message out! Please take a moment to share this article on your social media pages. The more people who share this blog post, the more people can stay safe from the taxman! Sharing our content really makes a big difference, so thank you to everyone who does.
1. What Triggers An HMRC Investigation?: Your Lifestyle!
HMRC has AI tools which can see what you post on social media, and what you are spending on. If your lifestyle doesn’t match your declared income, this can trigger an investigation.
2. What Triggers An HMRC Investigation?: Business Expenses That Don’t Qualify!
You need to know what does, and what doesn’t, qualify as a business expense. This will depend on tax rules, the type of business you operate, and whether the purchase is actually for the business!
3. What Triggers An HMRC Investigation?: Incompetent Accountants!
Just because you have an accountant, doesn’t mean you are off the hook! Make sure your accountant has excellent reviews from their clients, and check exactly what they are doing for you on a regular basis.
4. What Triggers An HMRC Investigation?: The VAT Threshold!
Ensure you keep tabs on when your turnover reaches £90,000, because you will need to register for VAT. Remember this is turnover, not profit because this sometimes confuses new business owners.
5. What Triggers An HMRC Investigation?: Financial Illiteracy!
Don’t simply rely on professionals! Make sure you understand the tax rules yourself, which will allow you to have informed conversations with your accountant. This will keep you out of trouble, and help you mitigate your taxes!
How To Make The Money In The First Place!
Now you know what triggers an HMRC investigation, but the worst way to avoid an investigation is being too broke for the government to care! Luckily, I can teach you how to make money in a tax-efficient way! Join me at my next introductory online training event!
We have different online trainings throughout the year, each teaching different things. Here is a sample of what you could learn on one of our online introductory webinars:
- The SECRETS to becoming a successful property investor
Get immediate and actionable insights to accelerate your property investment journey.
- How to LEVERAGE other people’s money to get started
Begin to understand the strategies to use to reduce the barriers to getting started.
- How to FIND fantastic property opportunities
Understand where property professionals source the best deals.
- How to RECYCLE your money again and again
Don’t just do it once, repeat the process to build your property portfolio.
Property investing is not just for the rich! Learn the strategies that thousands of people have used to not only start investing, but become financially free! Tickets are free, so book your property training webinar now. If you are ready to take action, I hope to see you very soon!
