The Code of Practice 9 points to what is called deliberate conduct, which means you have undertaken certain measures to reduce the amount of tax you pay in a fraudulent manner. In other words, you knew what you were doing was wrong but did it all the same.
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 […]
Internet trade and e-commerce including Amazon and eBay is a relatively new area and business owners may find the rules surrounding tax and accounting obligations to be somewhat confusing. It is, however, crucial to get up to speed on what is required in order to avoid hefty penalties from HMRC. Luckily, The Accountancy Solutions are […]
The Accountancy Solutions is a company with over a decade’s experience in helping Contractors with their accounts and taxes. We offer professional knowledge and experience across different business sectors including but not limited to IT, Medical, Engineering, and Finance. As a contractor, you may feel overwhelmed by your financial paperwork. We as accountants for contractors […]
