Financial Services

A Guide on How to Survive a Tax Investigation

Dealing with tax investigators can be very stressful and can lead to an emotional roller-coaster ride.  In the first few minutes of realization – after opening the letter from the taxman – denial and terror are common reactions, followed by bitterness and regret. Because of this, it’s paramount to take a comprehensive tax investigation insurance which will cover for the costs that you incur during investigation. While you’re looking for a good insurer, here are tips to help you survive a tax investigation.

Stay calm

Handling tax can be very complicated, so you need to stay calm and look for a financial adviser such as a tax investigation insurance expert. You need someone on your side, someone who has vast experience in handling tax investigation issues and someone who knows everything about the taxman.

Do not destroy your evidence

Hiding or removing all your documents may lead the taxman to assume something fishy is going on. If you have not been keeping records, ensure that you get replacements such as your bank statements and work with your adviser to come up with estimates to fill any gaps.

Seek clarification

If you don’t understand certain questions, seek clarification from the tax inspector. According to law, tax inspectors are supposed to work amicably with the clients so as to resolve a dispute.

Do note over promise or under deliver

If you can’t meet deadlines, contact the revenue and explain your circumstance and agree on another timescale. Remember, if you continue to miss your deadlines, you are increasing penalties and this may lead to demands for more information.  Similarly, if you wish to pay your debt in installments over a stipulated period of time, inform the taxman and be truthful about when you can. Avoiding payments can lead to serious consequences.

Don’t assume

Never assume. For instance, that the tax investigator doesn’t know about your offshore bank accounts. The revenue authority has vast amount of information in custody, and can still get more details from third parties all over the world. Therefore, if the investigation agency is scrutinizing your financial reports, then it is for a reason. If your returns have errors, don’t assume that is the only thing that the revenue authority is interested in; the revenue authority would want to know if the same error occurred in the previous years.

Be honest

If you suspect that there is something wrong with your tax return don’t hesitate. Talk to the taxman upfront. It is vital to disclose all the relevant information regarding your tax return. If you fail to disclose all the facts, this will not only lead to more penalties, but you may even face charges if a criminal investigation is launched.

To avoid issues with the tax authority, why don’t you take tax investigation insurance? With tax investigation insurance, all the costs that come with tax investigation will be catered for, by your insurer.   To buy a policy, talk to experts from Accountancy Insurance – this company is known for offering affordable covers to clients.  Visit their website for more information.

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Things to consider while selecting shop fittings

The indispensable need of all retailers worldwide for proper utilisation of shop space has led to the growth of shop fittings industry. A reputed shop fitter can understand as well as manage space of a store in a way that it looks beautiful and serves the purpose as well. The process of getting appropriate shopfittings in Sydney begins with the analysis and measurement of the available space and then finally preparing the model.

Now if you are planning to set up a retail store, it can be much more challenging than it seems to be. First of all, you would require a proper scheming of the list of tasks to be undertaken. After buying the space and stock of products to run the business, you would have to face another share of investment in buying shop fittings. Since this is supposedly a one time investment, you must be judgemental before choosing one. So you must make a few considerations before selecting one:

Shop premise and floor plans: These are perhaps the most critical factors as no good set up will turn up if the shop isn’t located in a busy high street. After you have chosen the shop, your next task would be to scheme out where do you want to set up important pieces like aisles, counters, displays and shelves. If you are new to this sect, you may well take up professional help to make the most out of your shop space.

Shop themes and design work: These factors solely depend on the kind of products you are planning to sell. You are likely to get plenty of options in shop fittings and displays regardless of what your business is. The reputed shop fitting suppliers can provide you with an endless number of options to choose from. Next, depending upon the type of things your store has, you will have to set up the store front. For instance, if you are planning to set up a bedding store, your shop fittings must reflect a peaceful ambience whereas a sports shop must mirror action and movement.

Accessibility and time required: These influence your choice of shopfittings in Sydney. Though everything you choose would be dependent upon the type of business you are willing to run,  yet all must have one thing in common: Accessibility. You would never want your customers to tumble over the exclusive pieces or things meant for selling due to lack of space for movement. So a shop has to be easily accessible for the customers so that they can walk and see everything easily without hurting themselves. So after you have decided which piece would be incorporated to decorate your shop, you must ask your service provider about the timescales required for the shop fit.

Budget and asking for a quote: No matter how beautiful and elaborate designs you choose for the shop, your budget shall decide the extent of its realisation. So it is better to decide that first and then go for choosing the shopfittings in Sydney. There are some experienced shop fitters who can help you to decorate your shop even within a tight budget. You may go to a number of service providers and listen to their suggestions and compare prices. Select the one you are most comfortable and confident in. Consider all the aspects each shop offers you; do not base your decision solely upon the pricing even when you have budget constraints.