Taxman launches another unpaid tax disclosure scheme
HMRC has launched the “Second Incomes Campaign”. This is latest of many such campaigns aimed at encouraging taxpayers to pay the correct amount of tax on previously undisclosed income sources.
Under the terms of these schemes, taxpayers who make qualifying voluntary disclosures are offered more favourable terms of settlement than would normally apply if HMRC discover a discrepancy.
HMRC is constantly stepping up its efforts to target tax evasion and with the use of sophisticated digital intelligence systems aims to identify taxpayers who may not have declared all their income.
Legislation allows HMRC to go back up to 20 years and in more serious cases a criminal investigation may be carried out.
The maximum penalties chargeable can be up to 100% of the undeclared tax liability and up to 200% for offshore related income.
If you believe that you may have undeclared income, we can help ensure that any resulting liabilities are kept to a minimum. We can advise you of the terms of all the current disclosure facilities and determine whether or not you may qualify. We can accurately calculate your income and ensure that any allowable deductions are included. In the case of incomplete records we can assist in preparing reconstructed accounts for acceptance by HMRC. We will calculate the interest charges due and ensure that any penalties are kept to a minimum.
Contact Paul Southward if you would like to discuss any aspect concerning your tax obligations and liabilities.
Call 01582 651000.