Whether engaging in commercial trade or simply working and living in the UK, you may encounter an audit by HM Revenue and Customs (HMRC), as tax inspections are often conducted routinely.

HMRC has recently sent official letters to more than 200,000 taxpayers, warning them that they will soon be affected by a major tax reform – Making Tax Digital for Income Tax (MTD).

Recent UK tax compliance data has sounded the alarm once again: in the past three years, nearly half a million small and medium-sized enterprises (SMEs) repeatedly missed tax deadlines, with as many as 19% admitting they delayed tax payments more than five times in just the past 12 months. A combination of complex tax rules and cash flow pressures is dragging UK SMEs compliance levels down.