Tag: COP8 tax fraud investigation

self assessment tax investigation
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HMRC has been granted the power to dig deeper into your private life and your business matters than you may be happy with. To tell the truth, with the new powers granted to them, the inspector assigned to you will seem to be treating the taxpayer in ways that border on invasive.

HMRC Tax Disclosure Schemes Digital Disclosure Service
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HMRC Tax Disclosure Schemes | How to Make most of them

The Digital Disclosure Service (DDS) is a service by HMRC that assists companies and individuals in bringing their tax affairs up to date in a straightforward way. If you owe tax, you will need to declare it straight away, after which you will be given time to explain exactly what it is that you owe, how did you arrived at this tax amount and pay the money.

Accountants for contractors

Accountants for contractors – How we can help

We as accountants for contractors can help you to maintain your accounts, adhere to policies and help you to get a good picture of your finances. We can also help you file tax returns and respond to any queries from HMRC, taking a weight off your shoulders.

Contractors EBT Tax Avoidance
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HMRC hunt for contractors EBT tax avoidance : Accountants Approach

For years the Government and HMRC have tried to curtail the actions and processes of EBTs only to create more complex legislation. In recent years attempts have been made to clarify and simplify procedures for the operation of EBTs culminating in elements of the 2016 Finance Bill.

HMRC Tax Disclosure Schemes Digital Disclosure Service
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Digital Disclosure Service | HMRC Tax Avoidance

HMRC computer system Connect cross-checks its database of companies against the taxes they have declared, and any discrepancies can lead to the tax office writing to you to chase up unpaid taxes. Once this happens, you will be looking at a fine of anywhere up to 200% of the tax you owe.

Capital Gains Tax Avoidance

Capital Gains Tax Avoidance | Pitfalls

For shares that are located in PEP or an ISA, no Capital Gains Tax has to be paid out when they are sold or otherwise disposed of. Earnings that originate from gambling wins such as those from the lottery or from pools are free of Capital Gains Tax along with any profit from premium bonds or UK based government gilts.

tax avoidance
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Contractors | Loan Schemes and Tax Avoidance

These loan schemes come in a number of shapes and sizes. Currency arbitrage is one of the riskier methods. The idea behind it is that through signing up with an off-shore company, and receiving exotic foreign currencies in exchange for loans, that your earnings can be turned into non-taxable foreign exchange gains.

HMRC Fraud Investigation Service
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HMRC Fraud Investigation Service – Code of Practice 8

If you are found to have done nothing wrong, you will be informed that the investigation has been completed and no further action will be taken. You may be susceptible for repeat investigations in subsequent years if further suspicious tax data is received.

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