Wanting to sell your business? Beware of the taxman!

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?  It’s not as if you haveContinue reading “Wanting to sell your business? Beware of the taxman!”

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”

By failing to prepare, you are preparing to fail

Some of you may recognise this as a quote from Benjamin Franklin.  In my world it is a very true statement and I take time to explain its importance to others particularly in relation to failing to prepare for meetings with HMRC. Imagine the scenario of  a taxpayer being blasé and ignoring my advice.  They mayContinue reading “By failing to prepare, you are preparing to fail”

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