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.
Notices to provide documentation – whatever you do, don’t destroy it!
HMRC regularly obtain information and documentation from a number of sources. More recently this is under the Common Reporting Standard (CRS). But HMRC’s thirst for more and more can lead to HMRC issuing Notices to provide documentation under Schedule 36 Finance Act 2008. The worst thing that can happen is the documentation is now destroyed. This can lead to a fine or worst still, imprisonment.
HMRC to undertake increased compliance activity on disguised remuneration
Some employers and individuals can expect contact from HMRC regarding the Loan Charge. Employers should have reported and paid the Loan Charge by now. According to HMRC, there are “number of those have not yet done so”. I am not at all surprised by this for a number of reasons. Whether its called Disguised Remuneration or the Loan Charge, its not going to go away.
Remuneration Trusts, EBTs etc. – tax avoidance or tax evasion?
The tax avoidance market has changed quite prodigiously in more recent times. Some of these schemes go back to the mid 1990’s and yet they may still be in dispute with HMRC. All of these tax avoidance schemes set out to reward key employees with little (tax) cost often by way of loans.