Can HMRC ask for that?
Yes – is the simple answer! But perhaps the question really should have been “Are HMRC entitled to have access to that?” Anyone can ask for anything. But can HMRC have access to that information? The information may be sensitive. Asking is one thing – giving is another.
Don’t underestimate the ingenuity of HMRC
Two taxpayers in business together almost came a cropper with HMRC. HMRC raised a valid enquiry into their personal tax affairs issuing Code of Practice 9 (Cases of suspected serious fraud). All perfectly normal – in my world anyway! My clients had ignored my warning – don’t underestimate the ingenuity of HMRC
Your overseas assets, income and gains
This is the heading of the latest nudge letter from HMRC. Quite a snappy title and attracts most people’s attention to get them to read on further. But then how does HMRC know that you have any overseas assets? Or overseas income? Or overseas gains?
Signs that your tax investigation is about to get worse
Sadly I do not possess a magic wand. But I do know some of the tell tale signs that your tax investigation is about to get worse. These are some of the tell take signs.
The forgotten liabilities of tax avoidance schemes
Tax avoidance has been around now for 30 years. In all that time, some taxpayers have chosen to settle with HMRC, others have not. Over time, these can become forgotten liabilities.
For those who have not settled, where does this leave us today?
Are you drowning under your tax investigation?
One of the symptoms of a tax investigation is the feeling that no matter what you do or say, you feel like you are drowning under the tax investigation. You need to treat the cause, not the symptom. You may need help to understand the cause but who do you turn to
6 questions that need to be answered about a tax investigation
A tax investigation is rarely welcome. Like other intrusions, they happen just at the wrong time. Its unlikely that anyone is prepared for the torrent of questions and the negative impact it can have on business and home life. So what questions should be answered at the outset?
HMRC wants to talk about reaching a Settlement
Being challenged by HMRC can be a major distraction to any taxpayer. It can impact on life both at work and at home. It is therefore often uppermost in any taxpayer’s mind to seek a Settlement as soon as possible. Then they can get on with their lives.
Where’s the Trust gone?
In what sometimes I can only see as a bid to try and outmanoeuvre HMRC, a Trust can be moved around the world. Some might say that having travelled from Hong Kong in the East to Grand Cayman in the west that I have travelled a few miles on business. But why do Trusts seem to move a similar distance between say the Channel Islands, the Mediterranean and the Caribbean
Has your tax investigation gone past its sell-by date and gone stale?
We can all look forward to our favourite treat only to be disappointed that is has gone stale. Imagine how HMRC must feel when they are told a tax investigation has gone stale and the tax is no longer due.
Well, both can happen and both do happen.