HMRC is clamping down on individuals and businesses that have unpaid tax liabilities as a result of tax avoidance or tax evasion.
Particular focus has been on those with bank accounts held in foreign jurisdictions where tax on income from such assets has not been paid. However, HMRC continues to reduce its tax deficit by targeting those that have avoided paying tax on interests and business activities within the UK.
HMRC continues to develop new tactics and initiatives to work towards reaching its objective of reducing the tax deficit, which has been reported to reach £34bn. Recent initiatives have included the introduction of Accelerated Payment Notices (APNs) and in certain cases, increasing the risk of criminal prosecution if information is deliberately withheld during an investigation.
Our team of experienced and discrete tax investigations and disclosures professionals assist private individuals directly, and clients of other professionals in order to bring their tax affairs up to date. Our team is on hand to discuss all types of cases on 01902 393 940.
Unpaid Tax Advice
Our expertise and experience in this area covers:
- Alternative Dispute Resolution
- Capital Gains Tax (CGT) Investigations
- Construction Industry Scheme (CIS)
- Criminal Tax Investigations
- Disguised Remuneration Schemes
- HMRC Code of Practice 9 (COP9)
- VAT Investigations
Voluntary Tax Disclosure
Individuals who believe they may eventually be targeted by HMRC should seek to make a voluntary disclosure to clarify their tax position with HMRC. We assist individuals in making voluntary disclosures of unpaid tax to HMRC. Current HMRC disclosure facilities available include:
- Contractual Disclosure Facility (CDF)
- Credit Card Sales Campaign
- Let Property Campaign
- Second Income Campaign
- Worldwide Disclosure Facility (WDF)
- Requirement to Correct
HMRC is becoming increasingly proactive in targeting those it suspects of tax avoidance, or more seriously, tax evasion. If you have received a letter from HMRC, talk to our team on 01902 393 940.
With new powers which include access to information about bank accounts and assets, and an increased budget to help target those is suspects of owing tax, HMRC is quickly closing the net.
If you believe you may be on HMRC’s radar you should act quickly in order to make a voluntary disclosure of unpaid tax in order to reduce potential penalties and avoid the risk of a full criminal prosecution if later found guilty at tax tribunal..
For more information about our specialist experience in tax investigations and disclosures visit – www.taxdisclosures.co.uk