Tax Disclosures: Bring your affairs up to date with HMRC

8th January 2021

As our world becomes ever more digitalised, HMRC have gained access to a vast range of sources of information, which can make any undeclared income or gains easily identifiable.

 

Tax enquiries can be daunting and we can provide assistance and support throughout such a task, ensuring not only that the position is resolved properly, but also to ensure that the best possible outcome is reached.

 

It’s easy to bury your head in the sand and hope that HMRC may not spot omissions, but they have powers to raise assessments for as long as 20 years after the event, so it is important that your tax affairs are kept updated to the best of your knowledge.

 

We have extensive experience with making disclosures and can guide you through the process, helping to ensure you secure the lowest possible penalties. We can liaise directly with HMRC on your behalf, relieving the pressure from you.

 

If you know you have any undisclosed income or gains it is in your best interest to bring your tax affairs up-to-date before HMRC find out.

Other items in Blogs
Ellen Carter
11th August 2022 Revisit your remuneration?

For many SME owner-managed businesses, the tax optimum director remuneration structure for many years has been one of a low salary accompanied by high dividends. This allows Companies to take advantage of low dividend tax rates and, in many cases, no employers national insurance to be paid by the company (if paid at the Secondary…

Jaimie King
10th August 2022 Seeing Double: New Recovery Loan Scheme begins

While one government-backed Recovery Loan Scheme (RLS) ends, another opens.   The previous RLS closed on 30th June 2022, but to follow this the government have introduced a new RLS scheme to support businesses through the out-turn of the pandemic, expected to be accessible after 1st August 2022.   The New Recovery Loan Scheme Government…

Charlie Whittle
10th August 2022 Annual Allowance for NHS pensions

What is the annual allowance? The annual allowance for the 2022/23 tax year is £40,000 and each year this is compared with your pension input amounts. Your pension input is defined as the increase or growth in the capital value of your NHS pension benefits across all pension schemes. Any growth in excess of the…

Jake Day
8th August 2022 TRS Registrations: This deadline may apply to you

  1st September 2022 – This deadline may apply to you!   If you hold property or investments on behalf of another person, HMRC may consider this as a reportable trust arrangement. This may mean that you need to register on the Trust Registration Service (TRS) before 1st September 2022.   New legislation now in…

Megan Turner
4th August 2022 Charity Commission annual return: Planned Changes

The Charity Commission has launched a consultation regarding changes to the annual return.   There are a number of new questions, taking the total questions from 36 to 52, although only 32 will be compulsory. The aim of the new questions is to make the annual return more comprehensive, by gaining information around charity’s income…

Ben Beech
3rd August 2022 MP’s call for Government to Introduce Essential User Rebate

The All-Party Parliamentary Group for Road Freight and Logistics has today (27 July 2022) urged the Government to approve the introduction of an Essential User Rebate of no less than 15 pence per litre for operators within the logistics sector to combat the effects of soaring fuel prices and inflation.   The call has come…