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”

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”

Is HMRC challenging you?

HMRC holds a wealth of information on all taxpayers.  Not surprisingly though, from time to time HMRC can come across information on a taxpayer that they did not expect.  You may think that you have disclosed everything but now HMRC is challenging you and want to investigate your tax affairs. What type of letter haveContinue reading “Is HMRC challenging you?”

Having invested in the company, you then discover tax fraud

Unfortunately, this nightmare scenario is not uncommon.  No matter how much due diligence is undertaken, a fraud can be very sophisticated and may only surface after certain people have left.  Often the fraud includes the Managing Director and other key employees, all of whom have now left. The cost

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

HMRC thoughts on tax evasion – is the answer 42 or 0?

No, I haven’t gone mad.  A client has spent a lot of time and energy recounting what he had done over the years.   But it didn’t add up – literally.  It didn’t explain why HMRC was accusing him of tax evasion.  Nor did it explain why HMRC had issued him with Code of Practice 9Continue reading “HMRC thoughts on tax evasion – is the answer 42 or 0?”