How does HMRC calculate the level of penalties to be charged to your client?
There are two types of penalties – those that are fixed and those that are tax geared. But did you know your client’s behaviour will affect the level of tax geared penalties they have to pay?
Do your clients have any skeletons in the cupboard to clear out prior to selling their business?
Many business owners have skeletons in the cupboard that could be a big hurdle to either selling their business or achieving their desired sale value. But how do you overcome them?
Why is HMRC so interested in your client’s hobbies?
How do your clients separate their personal and business lives. Do they put things ‘through the company’ that relate to their or their family’s hobbies?
The Pandora Papers are back – and with a vengeance
You may recall ‘The Pandora Papers’ back in 2021 and may have assumed that issues around these have been resolved or ‘gone away’. Wrong! Find out more about what this means for your clients.
What questions will HMRC ask your client?
How a taxpayer answers HMRC questions, can have a huge impact on the outcome of an investigation. HMRC will ask a number of probing questions at a meeting. It’s imperative to know when NOT to answer a question and HOW to answer a question.
Are you resolving the issue with HMRC or just kicking the can down the road?
For some, kicking the can into the long grass might be even more preferable. Either way, when the time actually comes to resolving the matter, it will almost certainly be more expensive. And perhaps all you have had in between times is depression and sleepless nights.
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!
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.
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.
Who is in charge of your tax investigation or is it meandering out of control?
So many times I hear the answer back “HMRC is in charge of course!” Perhaps the question is more “Who should be in charge of your tax investigation”. Either way, the answer should be firstly the adviser is in charge and secondly the taxpayer. Otherwise your tax investigation can meander out of control.