Tax Services Tax Disclosure

Unresolved tax issues can be problematic for any individual or business. Taxpayers are encouraged by HMRC (HM Revenue & Customs) to share any information regarding unpaid taxes, when spotted at any period of the tax year. Not doing this can be seen as evading tax, resulting in an HMRC investigation for taxes.

This can have major consequences leading to criminal offences, financial penalties or both. Consider completing an HMRC disclosure at the earliest stage possible. Knowing all the relevant information is key in making a decision.

At Carrington Blake Accountancy we deliver expert technical knowledge, strong negotiation skills and respected advice, which can make a pronounced difference to eventual tax penalties, charges and liability. Before submitting disclosure reports and negotiating potential penalties with HMRC, speak to one of our tax specialist.

Unresolved tax issues can be problematic for any individual or business. Taxpayers are encouraged by HMRC to share any information regarding unpaid taxes when spotted. Not doing this can be seen as evading tax, resulting in an HMRC investigation for taxes.

This can have major consequences leading to both criminal offences and financial penalties. Consider completing an HMRC disclosure at the earliest stage possible.

Reasons To Use Us

It allows you, and your firm, to continue with your business knowing that your disclosure is being managed correctly and efficiently.
It provides a cost-effective way to expert knowledge and experience.
Passes the worry and strain of a tax enquiry or investigation to a team of experts, who can deal with matters on your behalf, leaving you to get on with your business and life.
It protects directors’ homes and other assets.
Limits the possibility of investigations spreading.
Lowers the risk of serious investigations.

What Is a Prompted HMRC Disclosure?

This is a very important distinction to understand before we begin. A prompted disclosure is defined by information volunteered to HMRC during the course of any ongoing compliance intervention. In other words where HMRC have already written to you advising that a check of self-assessment or compliance check has begun and you disclose information to them that they may not have ordinarily discovered.

It is deemed to be a prompted disclosure because HMRC’s view is that this information may not have been disclosed to them had they not launched a tax investigation. In effect, they have almost “knocked on your door” prompting you to make a disclosure to them as part of an ongoing compliance process.

What Is a Prompted HMRC Disclosure?

This is a very important distinction to understand before we begin. A prompted disclosure is defined by information volunteered to HMRC during the course of any ongoing compliance intervention.

In other words where HMRC have already written to you advising that a check of self-assessment or compliance check has begun and you disclose information to them that they may not have ordinarily discovered.

What is a Voluntary HMRC Disclosure?

An unprompted or voluntary HMRC disclosure is a process whereby you come forward and notify HMRC that you have identified irregularities in your tax affairs that have resulted in unpaid tax. HMRC deal with unprompted or voluntary disclosures much more sympathetically than in circumstances where they discover tax irregularities and launch an investigation under their own civil powers.

FAQ’s

What will happen if HMRC catch up with me before I make a voluntary disclosure?
The resources dedicated to detecting tax evasion are matched by HMRC’s action if you are caught. You could face the following consequences if you do not come forward and make a voluntary disclosure:
A lengthy tax investigation
Financial and personal stress are both high.
Penalties might be as high as 200% of the tax loss.
Your property, including your home, is at risk.
Under Code of Practice 9, a severe fraud investigation is underway.
Being named and shamed in the local press and on the internet
There is a substantial likelihood of a criminal prosecution and a prison sentence.

How do I make a tax disclosure?

Could my HMRC disclosure make things worse?

Tax Services Tax Disclosure

Reasons To Use Us

What Is a Prompted HMRC Disclosure?

What Is a Prompted HMRC Disclosure?

What is a Voluntary HMRC Disclosure?

FAQ’s

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