If HMRC have sent you a letter stating a investigation is going to be launched, quoting Section 29(1) TMA 1970 Discovery Assessments call our Tax Investigation Specialist IMMEDIATEY.
It means that you have under-paid tax or received too much tax relief. Discovery Investment investigations can opened even if the time limit for raising queries has expired. In cases of fraud or negligence they can go back as far as 20 years.
What are Discovery Assessments?
Discovery assessments are done when the tax man has hard evidence that excessive tax relief has been claimed or your tax has been under declared.. They are often raised in relation to off shore accounts
Discovery assessments are made when
However, If the taxman dealing with the return made a mistake of failed to into consideration something relevant, even if they now have all the correct facts, they CANNOT open an investigation.
How long do HMRC have to raise discovery assessments?
If you have already been through a HMRC investigation and purposely forget to tell them about your off shore bank accounts or other relevant information, you would be wise to come clean before the taxman comes knocking with a Discovery Assessment Enquiry. HMRC have been given massively increased budgets for investigation of tax fraud because the government see it as a legitimate way to raise money for the exchequer.
The taxman now only investigates if they know that they are likely to be successful in recovering unpaid tax. If, in the process, they find fraudulent activity they will have now hesitation in asking the CPS to launch a criminal tax investigation which could lead to a prison sentence.
Contact our tax specialist immediately for help and advice. Call us NOW for total peace of mind
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