How a taxpayer answers HMRC questions, can have a huge impact on the outcome of an investigation. HMRC will ask a number of probing questions at a meeting. It’s imperative to know when NOT to answer a question and HOW to answer a question.
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.
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?
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.
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.
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?
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.
For many taxpayers, a brown envelope from HMRC will not be well received at any time of the year. Odds on it will contain bad news. It may be the start of an investigation. It may be a “nudge letter” or a “Check on tax position”. It almost certainly won’t be a Christmas card!
HMRC use information received under the Common Reporting Standard to identify those ignoring the Loan Charge
HMRC are writing to taxpayers that have outstanding loans from their EBTs, EFRBs and other offshore structures. HMRC use information received under the Common Reporting Standard to identify those ignoring the Loan Charge. The origins of some of these arrangements go back to the 1990’s and have been “forgotten” – that is until now.
HMRC are pretty good at grabbing people’s attention by using such headings in their letters to taxpayers. Such letters are often effective because their “intelligence sources” are pretty accurate. I have seen letters in the past where HMRC have even quoted bank account numbers from the outset just to demonstrate how much detail they had at the time. All targeting offshore income and gains.