Changes to HMRC penalty regime
Tax Investigations are now more targeted than ever, with HMRC using their many available data sources to identify taxpayers with potential issues with their tax affairs or mistakes or omissions from their returns. Drawing on data from employers, investment houses, banks and the land registry amongst others, more often than not this means that HMRC are acting on specific information received.
With changes to the penalty regime a few years ago, dealing with HMRC in the right way from the very start is key to protecting the rights of the individual or business, whilst also ensuring penalties are minimised by co-operating, disclosing and assisting HMRC, within the limits of what is reasonably required.
Wisteria’s tax team has dealt with many tax enquiries. In the last year, we have dealt with issues relating to:
- Property tax and Capital Gains Tax issues
- Under declared business profits
- Voluntarily alerting HMRC to tax irregularities
- VAT
- Residency and domicile issues
- Share schemes
- Valuations of assets
- Entrepreneur’s relief
- Challenges to deductible expenses.
Our wide experience dealing with such issues means that we understand the process and expectations. We also know what HMRC expect and in the event there are issues with your tax affairs, how to manage the process to minimise penalties and if relevant prevent you from needing to deal with an inspector at all.
Taking the right first step is a key part to minimising potential penalties. Contact us for a confidential discussion about how we can help.
