When running a business, there are so many things you have to take care of. Taxes, being one of them, shouldn’t be overlooked because tax inspections can randomly take place and may leave you very stressful.

So, here we have a list of tips that can help you reduce the chances of a tax inspection.

• As your company is responsible for paying different types of taxes, organise and file your complete tax returns accurately and on time to ensure you do not attract an inspection in the first place itself. Also, make sure to pay all your taxes on time.

• Financial records like receipts, invoices, bank statements, salary details and many more should be stored safely. At the same time, you should have back-ups of these records. Having such financial records will help you in case any inspection is to take place. With the help of the records, you will be able to declare everything confidently to the tax officers. In addition, such records will also help you achieve accurate tax returns.

• It is very important to consult your accountant about the tax affairs and other finance related matters. This is because your accountant will be able to identify and explain the financial changes that can trigger an inspection.

• If there are any errors in your tax returns, do not hide them and inform the HMRC because they will find them sooner or later. If you do conceal those errors, you should be ready to face penalties or a conviction.

• Before you send out your tax returns, check them many times and make sure it is correct. After all, frequent checking will do you no harm.

• If you have used an tax avoidance scheme to dodge the tax legally, you need to extra careful because sometimes tax avoidance can turn into evasion which is illegal. As a result, you will have to pay a hefty penalty and even a jail sentence.

As the chances of being inspected have increased than before, it is best you follow all of the above tips so you do not have to fear from such inspection.