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

Signs that your tax investigation is about to get worse

Nobody looks forward to a tax investigation.  As soon as they start, you want to know when they will finish.  How much will it cost? Sadly I do not possess a magic wand.  But I do know some of the tell tale signs that your tax investigation is about to get worse.  These are someContinue reading “Signs that your tax investigation is about to get worse”

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?”