Taxpayers with undeclared offshore tax liabilities, including Income Tax, Capital Gains Tax or Inheritance Tax, are obligated to disclose these liabilities to HM Revenue & Customs (HMRC) on or before 30 September 2018 under HM Revenue & Customs’ Requirement to Correct (RTC) regime. The same rules apply to taxpayers with undeclared UK tax liabilities that […]
COP9, otherwise known as Code of Practice 9 is a HMRC Investigation, which is opened when the HMRC suspect a big loss of VAT / Tax through fraudulent taxpayer behavior. If a COP9 investigation is opened, you would be issued with a CDF, also known as a Contractual Disclosure Facility offer. You are allowed up […]
The purpose of the Disclosure of Tax Avoidance Schemes is to alert Her Majesty’s Revenue and Customs (HMRC) of schemes with regard to individuals or corporations, who are avoiding taxes. Any party entering into a program and/or arrangement which offers the benefit of minimizing taxes is required to be disclosed. Hence, corporations or even individuals […]
Prior to the introduction of self-assessment tax returns, just 1% of all returns were audited; with the introduction of self-assessment, this number will now be around 10%. It is highly likely that the number will be far higher if the HMRC is given more financial aid. What this means to the taxpayer, including anyone who […]
HMRC taskforces target taxpayers where there is a strong suspicion of tax evasion. Taskforces were introduced in 2011 and investigation by them can result in substantial fines and even criminal prosecution. The very first taskforce team targeted restaurants. 531 restaurants were investigated for tax evasion, beginning in Scotland, the North West and London, and soon […]
Summary : The appellants’ chargeable gain on the disposal of their CGT Private Residence Relief was reduced due to a larger ‘permitted area’, but a part of the gain also arose due to ownership seven years before occupation. Background : The appellants (husband and wife) bought land for £11,000 in July 1987. At that time, the only […]
