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Voluntary Tax Disclosures

Voluntary Tax Disclosures

How likely is a tax investigation?

With massively increased government funded budgets, HMRC is now launching an unprecedented number of tax avoidance, compliance and evasion investigations to claw back unpaid revenue from every business sector.

These investigations and campaigns have been phenomenally successful, raising millions and millions for the treasury and they are set to continue with a vengeance.

You or your company may have under declared your tax for any one of a number of reasons. You may have made an innocent mistake, you may have been economic with the truth or, quite simply, you have blatantly lied and cheated to avoid paying the tax you owe.

The tax man is offering tax amnesties to encourage people who have overstepped the mark on their tax declarations to come forward and make a voluntary disclosure of the tax irregularities.

Why make a voluntary disclosure?

By making a voluntary disclosure, you will not be prosecuted for criminal tax evasion. The amount of penalties will be substantially reduced, and the the taxman will limit the investigation to the last 7 years. So, yes, you will still have to pay tax, penalties and interest, but with substantial reductions.

What if I choose not to disclose?

If you don't make a disclosure and HMRC comes knocking, you will have a nightmare on your hands. You could face criminal prosecution and prison. 100% penalties can be imposed and in the case of offshore accounts, this can be as much as 200%. The tax man can also look at your accounts going back 20 years. You may find yourself on the “Tax Defaulters” website, named and shamed.

HMRC Campaigns

HMRC has launched offered amnesties and launched campaigns to recover unpaid tax and VAT targeted at specific industry sectors. They do this by identifying a group to target and gathering information and intelligence that can be used to encourage and influence that group to come forward.

Shown below are some of these sectors, giving the amounts recovered so far.

  • Plumbers - £21m
  • Electricians - £15m
  • Doctors/Dentists/Medical - £64m
  • VAT Recovery - £55m
  • Internet Trading - £8m
  • Tax Returns - £105m
  • Property Sales - £5m
  • Offshore Disclosures - £637m

Be warned - the net is closing in.

Offshore Accounts

Undeclared offshore accounts are also being targeted including SwitzerlandLiechtenstein,  The Isle of ManJersey and Guernsey. The UK are in the process of signing agreements with many governments throughout the world agreeing to a free exchange of financial information on foreign nationals.

The Cayman Islands, British Virgin Islands, Bermuda, Gibraltar, Turks and Caicos have now agreed to share information with the UK with British Virgin Islands, Cayman Islands, Cook Islands and Singapore about to come aboard. The UK have also reached agreement with France, Germany, Italy, Spain, India and Australia to an automatic exchange of information.

Investigations into offshore accounts and assets have been a very fruitful source of income for the treasury in recent years and the trend looks set to expand exponentially.

How we can help

Liabilities reduced by 75%

As specialist tax advisors, we will put your affairs in order using the voluntary disclosure procedures available. We will robustly negotiate with HMRC inspectors to lower your tax liabilities and achieve the maximum reduction in penalties possible.

We can make no promises for individual cases, but typically, we can save clients up 75% of what their liabilities would have been.

All contact with HMRC is through us. This means the stress and worry of an investigation is lifted from your shoulders. Safe in the knowledge that your tax affairs are in good hands, you can go about your day to day life as normal.

We are worth our weight in gold to our clients. Call us NOW

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