How does HMRC calculate the level of penalties to be charged to your client?
There are two types of penalties – those that are fixed and those that are tax geared. But did you know your client’s behaviour will affect the level of tax geared penalties they have to pay?
What does the offer of the Contractual Disclosure Facility (the CDF) mean for your client?
The CDF ican only be used if your client is prepared to admit to having committed tax fraud. Find out more about the CDF here.
Increased HMRC activity around investing or trading in property
It is important for tax purposes to establish from the outset whether taxpayers are investing in property or trading in property as the tax treatment can vary significantly.
HMRC asks about your income from short-term property letting
Yet another nudge letter has been sent out recently by HMRC which some taxpayers should not ignore. There will be some taxpayers who may be in a position to rent a whole house out but others may only be able to let out a single room.
Wanting to sell your business? Beware of the taxman!
You have worked all your life to build up a successful business and now its time to cash it all in and sell up. You have found a buyer and they are willing to pay the full asking price, no quibbles. So why should you beware of the taxman?
Enough!
A taxpayer’s financial affairs can be complicated. But HMRC can ask a never ending stream of questions that can make no sense, or seem to be irrelevant or ask the same question but in a slightly different way. Enough!
Beware – Loan Charge discovery letters are on the way!
HMRC are issuing Loan Charge discovery letters to a number of taxpayers still directly affected by the Loan Charge and who received remuneration by way of loans. If you or your clients receive one of these letters, read on to find out more and how you should deal with them.
Latest on UK customers of the Euro Pacific Bank
HMRC are investigating UK taxpayers “connected” to Euro Pacific Bank on the basis that they are suspected of evading UK taxes and associated money laundering offences.
Has a tax scheme promoter left you high and dry?
Saving tax for clients has always been a major objective for many accountants and other trusted advisors. And, for many years, accountants and other advisors introduced their clients to a tax scheme promoter who sold various structures both offshore and onshore.
HMRC issue 177,000 “nudge letters” in order to tax offshore income or gains
According to City AM, HMRC continue to pursue non compliant UK taxpayers by issuing nudge letters. As previously covered, HMRC’s use of nudge letters is a cost efficient way of recouping tax for the Exchequer without the need to launch a tax investigation into a taxpayer’s past tax compliance. But beware, there are risks for both taxpayer and adviser alike.