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 […]
HMRC have made a much simpler and easier process for voluntarily disclosing if you have not paid the right amount of tax. The Digital Disclosure Service (DDS) allows individuals who don’t qualify for one of the open HMRC Campaigns to voluntarily tell the tax office about any tax they are liable for but have not declared. Who […]
While the NHS as a whole seems to be in turmoil, the system in place for taxing agency doctors and consultants is similarly up in the air. Only last month- May 2017- the NHS made a U-turn on its plans to change how locum doctors are taxed, through changes being put in place to tackle […]
