According to tax specialists Croner's, nearly one in three sole traders and limited partnerships are likely to become the subject of an Inland Revenue investigation in the future.
This claim is based on data from the Revenue which appears to suggest that a quarter of sole traders underpay tax by £500 or more, and that nearly one third of partnerships underpay by a similar amount. The figures also show that 17% of sole traders and 22% of partnerships underpay the tax man by £1,000 or more. The release of these figures has led Croner's to suggest that a flurry of investigations by the revenue may be on the cards.
"There is a misconception amongst some businesses that tax inquries only catch the black economy," John Baldwin of Croner's told the Daily Telegraph, adding: "Smaller businesses are more likely to suffer from tax inquiries."
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