| Come January 2009 Vicky will be keeping you up to date with fresh hints and tips. Keep the site bookmarked. Meanwhile have a look at the latest subjects that might be of interest |
| HMRC are currently targetting:- Buy to let landlords (for omitted letting profits and capital gains when you sold the property) Offshore Banking Account holders (don't think you will escapr just because you closed the account they say) Cash Traders (builders, shop owners, etc) |
| Tax Hints & Tips be one ahead of the others |
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here in the meantime
Was your Deposit box hiding tax evaded
funds?
Safety deposit boxes - Operation Rize -
In June 2008 eight addresses were raided,
including three London safe depositories, two
other business premises and three private
addresses in the city of London and
Hertfordshire by the Met in relation to money
with themselves and I think it is inevitable that
some time soon they will be providing HMRC
with juicy information that won't be of any use
to the Met but great news for HMRC about
hidden tax evaded etc cash and valuables.
Normally HMRC will trawl safety deposit boxes
if they get wind of it in any enquiry and if either
you had a box in a raided premises or you
have an enquiry with cash in your deposit box
you need help before it is too late. Dealing with
enquiries in this area requires careful
management. TEA is here to help Get in touch
with our feedback form
Don't be tempted by the media
Employer Compliance Visits -If you
recently read an article possibly suggesting
that Employer Compliance staff were not
visiting to detect fraud and that they would
believe whatever you say as regards there
being no particular benefits when they go Do
not use this tactic of lying to them to side step
answering a question in a way you know is
wrong. It can lead to you being accused of
lying with potentially higher penalties (and
even being referred to the Serious Criminal
Investigation section). You might of course get
lucky and we might be able to get you seen by
a CIF Team instead of Serious Criminal
Investigation offices.
See the Revenue's prosecution policy here
| Goodwill & Incorporation Offshore banking |
| Safety Deposit Boxes / Employer Compliance |
Once upon a time it was considered a nice
wheeze for a practitioner to get a nice fat fee in
return for getting his client - a profitable trader
to incorporate his business with the carrot of
getting nearly £36K tax free from the new
company's director's loan account.
Then into the bargain the advisers annual fees
were higher for administering the company
books etc. HMRC didn't do much about the
£36K ploy so then the tax advisers got greedy
and more ingenious and started to exploit
HMRC's seeming weakness.
However although it takes them a while it
seems from one of my new enquiries that
HMRC may be getting more on top of the game.
If you are a tax adviser that has exploited the
seeming loophole
or
a taxpayer that has followed your tax advisers
advice you may need help.
We are here to help and have the expertise
needed to manage your problem or give a
second opinion
Offshore Banking -
Dave Hartnett, the acting Chairman of HMRC
was quoted as
saying: “Some people will go to jail — I have no
doubt about that,
for example where they have lied to us during
a previous
investigation. We do not tolerate that at all.”
OK so you didn't take advantage of the
Offshore Disclosure
Facility and HMRC haven't come a knocking
yet. It is rumoured
that
(i) HMRC are looking for the correct
prosecution cases and
(ii) there will be a new tax amnesty coming soon
therefore anybody with a decent load offshore
in the years to
2005-06 should really think hard before
keeping their head in the
sand.
You can still get a good deal and lower
penalties than otherwise
if you are agreeable to let me manage your
enquiry and go
forward before you get caught. You might even
escape
prosecution and HMRC may settle for money.
Advice given on
advantages of going forward with an amnesty
on the cards.
WAMS Tax Ltd is here to help
wheeze for a practitioner to get a nice fat fee in
return for getting his client - a profitable trader
to incorporate his business with the carrot of
getting nearly £36K tax free from the new
company's director's loan account.
Then into the bargain the advisers annual fees
were higher for administering the company
books etc. HMRC didn't do much about the
£36K ploy so then the tax advisers got greedy
and more ingenious and started to exploit
HMRC's seeming weakness.
However although it takes them a while it
seems from one of my new enquiries that
HMRC may be getting more on top of the game.
If you are a tax adviser that has exploited the
seeming loophole
or
a taxpayer that has followed your tax advisers
advice you may need help.
We are here to help and have the expertise
needed to manage your problem or give a
second opinion
Offshore Banking -
Dave Hartnett, the acting Chairman of HMRC
was quoted as
saying: “Some people will go to jail — I have no
doubt about that,
for example where they have lied to us during
a previous
investigation. We do not tolerate that at all.”
OK so you didn't take advantage of the
Offshore Disclosure
Facility and HMRC haven't come a knocking
yet. It is rumoured
that
(i) HMRC are looking for the correct
prosecution cases and
(ii) there will be a new tax amnesty coming soon
therefore anybody with a decent load offshore
in the years to
2005-06 should really think hard before
keeping their head in the
sand.
You can still get a good deal and lower
penalties than otherwise
if you are agreeable to let me manage your
enquiry and go
forward before you get caught. You might even
escape
prosecution and HMRC may settle for money.
Advice given on
advantages of going forward with an amnesty
on the cards.
WAMS Tax Ltd is here to help
Tax Enquiry Advice Partnership |
24/7 07899913414
Use the feedback form to Contact Us
Use the feedback form to Contact Us