In an effort to boost revenue for the Treasury, HMRC is now offering its first ever general tax amnesty.
The idea is to encourage people to make a voluntary disclosure of undeclared taxable income in return for some extraordinary benefis.
Tax Amnesty Disclosure Benefits include
Owning up to dodging tax is going to hurt your pocket. However, not owning up has severe consequences if the tax man decides to launch a fraud investigation into your affairs. Penalties can be as much as 100% of the tax owed and the taxman can go back as far as 20 years in some cases. Were offshore accounts are concerned, penalties can be as much as 200%. HMRC is making it clear that if people don't come clean and the taxman catches you the penalties will be severe.
In these austere times, the Government is looking at raising cash wherever it can As a result, HMRC has been given massively increased budgets to take on more staff in order to recover unpaid tax. An additional £920m has been made available to tackle avoidance, evasion and fraud. HMRC inspectors must ensure that tax investigations are cost effective, and they are paid bonuses for the successful recovery of unpaid tax.
Statistics reveal that the number of tax disputes going through the tax tribunal system is rising by a third year on year. HMRC is now clawing back millions from every sector of industry. Recent campaigns have focused on what HMRC calls high risk groups in the past which include doctors, dentists, Avon ladies, Ann Summers party hosts, off shore account holders, plumbers, lawyers, people with rental properties, etc - No one is safe.
HMRC are targeting the following groups
So if you come clean and approach the taxman before he gets to you, you will have still have to pay the tax you owe but penalties may will lenient or non-existent. However, if you don't voluntarily come forward, you can expect draconian measures to be taken against you if you get caught in the net.mn For example, after the recent plumbers' amnesty, five plumbers were arrested, a further 600 were investigated under investigation, and one was jailed for failing tax evasion amounting to £50,000
HMRC has launched offered amnesties and launched campaigns to recover unpaid tax and VAT targeted at specific industry sectors. Shown below are some of these sectors, giving the amounts recovered so far.
Be warned - the net is closing in.
If your accounts are a mess or you know you have been economical with the truth on your tax return, now is the time to employ our specialist tax adviser with experience of HMRC investigations to negotiate on your behalf. Our fees are very affordable, especially in the context of how much we can save our clients. Savings of up to 35%-45% on tax, penalties and interest are easily achievable
We have years and years of experience in tax investigation matters. Our tax advisor was a senior HMRC tax inspector. Now, as game keeper turned poacher, his help and advice is invaluable to clients who have overstepped the mark and need to navigate through the murky waters of a highly intrusive and stressful tax fraud investigation.
If you need to take advantage of HMRC's amnesty offer then get professional help from us TODAY. One simple phone call to us is all it takes to put your mind at ease.
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