Should you omit information or should the HMRC feel that you may not have disclosed all your actions or knowledge as it pertains to these actions, you become subject to a civil or criminal investigation, depending entirely on the circumstance and details of the situation at hand.
Understanding the risks of these schemes is essential as your name, assets, credit and personal money could be on the line should the organisation be targeted or subject to a tax investigation by the HMRC.
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.
The purpose of the Code of Practice 9 notice is to give you the opportunity to come clean about any irregularities, set the record straight and make a payment of the tax that you owe including any penalties.
DOTAS guides promoters of Employment Benefit Trusts and other schemes, that is, the individuals who market or design the scheme to provide the relevant information about avoidance schemes to the HMRC.
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.
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.
If you are unsure of your status and obligations, The Accountancy Solutions can help. We will assist you in identifying what you need to declare in order to avoid the possibility of a hefty fine or investigation onto your business.
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.
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.
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