HMRC asks about your income from short-term property letting
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.
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?
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.
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 views some tax avoidance schemes as a “misrepresentation of the true nature of events”
According to HMRC, the fine line between tax avoidance and tax evasion has been crossed and deliberately so. HMRC’s unit known as Offshore Corporate and Wealthy (OCW) was established in the wake of the ‘Panama Papers’ scandal in 2016 to investigate serious non-compliance by businesses and the wealthiest taxpayers
It’s alright, it’s tax free!
They say that a little knowledge can be dangerous. Likewise, being self taught off the internet can cause unexpected tax problems. A lot of taxpayers around the work want to be able to say “it’s tax free”.
It’s no secret – it’s just none of your business!
So we have now had another chapter of the saga of secret bank accounts with the Pandora Papers. Just like their forerunners, it makes interesting reading – but so what. The “offshore world” exists because of demand – the demand for discretion and privacy. It’s no secret, it’s just none of your business!
Offshore does not mean off HMRC’s radar
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.
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 9 and invited him to join the Contractual Disclosure Facility (CDF)
Remuneration Trusts, EBTs etc. – tax avoidance or tax evasion?
The tax avoidance market has changed quite prodigiously in more recent times. Some of these schemes go back to the mid 1990’s and yet they may still be in dispute with HMRC. All of these tax avoidance schemes set out to reward key employees with little (tax) cost often by way of loans.