The fact a taxpayer has an offshore bank account or an offshore trust or offshore anything can raise or add to the concerns of HMRC. Not so much as “what is there to hide” but more the fact that its not so transparent compared to being on the mainland UK. So what?
One of the symptoms of a tax investigation is the feeling that no matter what you do or say, you feel like you are drowning under the tax investigation. You need to treat the cause, not the symptom. You may need help to understand the cause but who do you turn to?
In March 2021, another round of nudge letters have been issued. This time they are following up on the information they have been supplied under the Common Reporting Standard (CRS). Other than saying “we have information … … …”, HMRC don’t tell you what they know or rather suspect. Yes HMRC has information on overseasContinue reading “HMRC are looking for your overseas assets, income or gains”