The UK tax legislation is complicated, vast and constantly changing. It is therefore inevitable that mistakes happen and tax compliance is overlooked. We understand that you may feel worried, anxious and even embarrassed where tax irregularities have occurred. Our first priority is to take the burden off your shoulders. Next, we will talk you through your options and discuss which disclosure approach is right for you – whether it be using one of HMRC’s current campaigns, a disclosure report or by way of a simple letter. We aim to minimise the impact on you by concluding matters as quickly as possible. We will liaise with HMRC on your behalf, calculate the additional tax due and negotiate with HMRC to reach a fair settlement. All matters discussed will, of course, be discussed on a confidential basis.
Voluntary disclosure is key
The UK has signed up to a number of information exchange agreements, such that from September 2016 they receive details of overseas income and gains directly from the other jurisdictions. These days intelligence led investigations form the basis of most enquiries. With transparency as the goal, there is now nowhere to hide.
Up until 31 December 2015, HMRC ran a number of disclosure facilities which provided special favourable terms, one of which even included an immunity to prosecution. In order to put yourself in the best possible position with HMRC and to minimise the impact, the key now is to make an unprompted disclosure. By volunteering the information, any penalties will be reduced and the naming and shaming provisions will not apply.
We have extensive experience in dealing with HMRC on these matters and for further information, please do not hesitate to contact us.