Tag: HMRC Inquiries

COP9 Investigations
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COP9 HMRC Tax Investigation – An Accountants Approach

For COP9 Investigations, we always advise taxpayer to hire an experienced accountant or get help when submitting CFD. HMRC procedures can be confusing for the inexperienced and will require expert help. A long drawn investigation can lead to higher penalties, which makes hiring an professional cost effective.

self assessment tax investigation
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TAX INVESTIGATION

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 VAT Inspections
HMRC

HMRC VAT Inspections of Restaurants and Takeaways

Be aware that HMRC may visit anonymously prior to the visit and make purchases that they will later ask you to match up with the receipts from your cash machine. A technique sometimes used is to pay half cash and half credit card, they will later check that both cash and card have been recorded.

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.

Tax Planning NHS Doctors and Consultants
HMRC

Accounting and Tax Planning for NHS Doctors and Consultants

One major issue for doctors working on a locum basis is that because of the rotation schedule you adhere to, there may be issues with your tax code. This is a basic part of figuring out what you have to pay, but all the same, it’s understandable if a busy professional isn’t able or just doesn’t want to think too much about their taxes!

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.

Making money from your spare room BnB
HMRC

Making money from your spare room BnB

Airbnb operates under the idea that your home is like a regular BnB, so you’re at home while your guests are, but they treat your home like a hotel. OneFineStay (and other websites like it- there are quite a few!) on the other hand, don’t even require you to be at home when your guests come to stay!