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. Background Operation Atlantis began in 2020 when the Joint Chiefs of Global Tax Enforcement (known as the J5).  His Majesty’s Revenue and Customs (HMRC) of the UK joined taxContinue reading “Latest on UK customers of the Euro Pacific Bank”

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 forContinue reading “HMRC issue 177,000 “nudge letters” in order to tax offshore income or gains”

Exiting Remuneration Trusts can be tricky

Exiting Remuneration Trusts raise a number of issues that need to be addressed.  Finding a tax solution (particularly one that is acceptable!) may have become easier for some with HMRC’s new Settlement Terms recently announced.  Applications to HMRC have to be with HMRC by 31 July 2022, with all computations.  Even then there may stillContinue reading “Exiting Remuneration Trusts can be tricky”

HMRC offer a new Settlement Opportunity for Remuneration Trusts

There is no doubt that tax avoidance evolved over the years.  I first came across tax schemes in the 1990’s when there were more “simple” schemes such as investments in platinum sponge and alike.  Then they progressed to Employee Benefit Trusts and Remuneration Trusts through which owners of businesses were given interest free loans.  CertainContinue reading “HMRC offer a new Settlement Opportunity for Remuneration Trusts”

Is now the time to push for a Settlement?

January is a funny month.  The festive celebrations have been and gone.  A lot of taxpayers turn to filing their Self Assessment Tax Return by the end of the month.  Others are simply looking backwards and forwards and thinking how are they going to fair in 2022.  So why is now possibly a good timeContinue reading “Is now the time to push for a Settlement?”