Tax and HMRC Investigations
HMRC is clamping down on individuals and businesses that have unpaid tax liabilities as a result of tax avoidance or tax evasion.
Particular focus has been on those with bank accounts held in foreign jurisdictions where tax on income from such assets has not been paid. However, HMRC continues to reduce its tax deficit by targeting those that have avoided paying tax on interests and business activities within the UK.
HMRC continues to develop new tactics and initiatives to work towards reaching its objective of reducing the tax deficit, which has been reported to reach £34bn. Recent initiatives have included the introduction of Accelerated Payment Notices (APNs) and in certain cases, increasing the risk of criminal prosecution if information is deliberately withheld during an investigation.
Our team of experienced and discrete tax investigations and disclosures professionals assist private individuals directly, and clients of other professionals in order to bring their tax affairs up to date. Our team is on hand to discuss all types of cases on 0113 387 5670.
Unpaid Tax Advice
Our expertise and experience in this area covers:
- Alternative Dispute Resolution
- Capital Gains Tax (CGT) Investigations
- Construction Industry Scheme (CIS)
- Criminal Tax Investigations
- HMRC Code of Practice 9 (COP9)
- VAT Investigations
Voluntary Tax Disclosure
Individuals who believe they may eventually be targeted by HMRC should seek to make a voluntary disclosure to clarify their tax position with HMRC. We assist individuals in making voluntary disclosures of unpaid tax to HMRC. Current HMRC disclosure facilities available include:
- Contractual Disclosure Facility (CDF)
- Let Property Campaign
- Worldwide Disclosure Facility (WDF)
- Requirement to Correct
HMRC is becoming increasingly proactive in targeting those it suspects of tax avoidance, or more seriously, tax evasion. If you have received a letter from HMRC, talk to our team on 0113 387 5670.
With new powers which include access to information about bank accounts and assets, and an increased budget to help target those is suspects of owing tax, HMRC is quickly closing the net.
If you believe you may be on HMRC’s radar you should act quickly in order to make a voluntary disclosure of unpaid tax in order to reduce potential penalties and avoid the risk of a full criminal prosecution if later found guilty at tax tribunal..
For more information about our specialist experience in tax investigations and disclosures visit – www.taxdisclosures.co.uk
For tax advice from a Tax Investigations professional with complete confidentiality, call Forths on 0113 387 5670
Alternatively you can send an email to enquiries@forthsonline.co.uk or fill out an Enquiry Form and a member of our team will contact you at the earliest possible convenience.
Recent tax changes announced by Chancellor Jeremy Hunt may mean that any future loss calculations may require review. If you have an ongoing case that we have assisted with, we would be happy to discuss this with you. Likewise, for any potential new instructions we are always happy to have an initial chat. National Insurance Cuts On 6th January 2024 cuts to National Insurance rates will come into effect for employed Claimants: The main NI rate is being cut from 12% to 10%. From April 2024 for self employed Claimants: Class 4 NI rate will reduce from 9% to 8%, and; Class 2 NI contributions will be scrapped. The changes will affect future Loss of Earnings calculations. State Pension Changes There will also be a rise in State Pension of 8.5% from April 2024. Losses to State Pension are considered on a case by case basis. How We Can Assist Our experienced team assist with Loss of Earnings, Pension Loss and Loss of Dependency elements in all types of PI, Clinical Negligence and Fatal cases. Our approach is to ensure that your client’s Special Damages are optimised. We offer flexible solutions and reporting styles depending on the case requirements, and can assist you in the information discovery process. We are also happy to liaise directly with clients to assist in the progress of the case. For more information about our hourly rates for Expert CPR or White Label / Agency Services, and deferred payment terms, talk to our team. Contact us here Call us on 0113 387 5670 Email - enquiries@forthsonline.co.uk
In the 2023 budget, Chancellor Jeremy Hunt announced fundamental changes to the Annual Allowance and Life Time Allowance charges for pensions savers. What are The Allowances? The Annual Allowance is the amount that an individual can pay into their pension scheme (both their own and their employer contributions) each year before paying Tax on the contributions made. The Life Time Allowance is the total amount an individual’s pension fund can be before they pay additional Taxes on their pension benefits. What Has Changed? The Annual Allowance has increased from £40,000 per annum to £60,000 per annum. The Lifetime Allowance, which was £1,073,100, has been abolished. What Does This Mean for Your Client? If you have a high earning client (often in the public sector where employer contributions are more generous), then your current calculation of lost pension benefits may include deductions for tax under both the Annual and Lifetime Allowance schemes and so may now be materially understated. How Can We Help? Our team have vast experience in assessing pension loss claims for all types of occupations and are fully au fait with the changes to the Tax rules from April. We would be happy to carry out a review of your pension loss calculations either on a stand alone basis or in conjunction with other relevant heads of claim.
Contact us today to find out how we can assist you...
To hear more about our Forensic Accounting Services or to discuss a potential case with a member of our team, call us on 0113 387 5670.
Alternatively, you can email us at enquiries@forthsonline.co.uk or fill out an Enquiry Form and we will contact you directly.