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.

Disclaimer - All information in this post was correct at time of writing.
Other Blogs
Byron Roberts
26th March 2024 Making Tax Digital for Income Tax coming soon

Making Tax Digital for Income Tax will soon be upon us.   Over the past few years’ rents have been increasing and will continue to increase as inflation remains high. Many landlords will now be affected or will be coming close to the qualifying limits. With April 2026 fast approaching for those with qualifying income…

Amanda Newman
25th March 2024 Finance available for start ups

Did you know that there is finance available for start ups?   Starting in business can be an expensive task and a lot of businesses are not always aware of the funding that is available from the government to help with this.   Where to start The most popular is the government backed start up…

Harriet Sim
25th March 2024 The end of Furnished Holiday Lettings

The recent Budget announcements will bring an end to the tax advantages afforded to the owners of Furnished Holiday Lettings (FHL) and set them apart from the owners of normal residential properties.   At present, qualifying FHL’s provide a number of tax advantages: Unrestricted tax relief for mortgage interest Entitlement to claim capital allowances, including…

Megan Turner
22nd March 2024 Directors’ Responsibilities

What are directors’ responsibilities? As a director, you are legally responsible for running the company. This must be done in line with both the articles of association and Companies Act 2006.   A key role is to ensure that all statutory reporting requirements are met. This includes, but is not limited to: Filing the annual…

Louise Bassett
21st March 2024 Don’t Delay: Farming Equipment and Technology Fund Deadlines

Earlier this week, DEFRA added the closing dates for the Farming Equipment and Technology Fund (FETF).   If you’re a farmer, horticulturist, forestry owner or contractor to the any of the aforementioned, and you’re looking to improve productivity, manage slurry or improve animal health and welfare through the use of new technology and equipment, don’t…

Shamus Chaplin
21st March 2024 Removal of Multiple Dwellings Relief for SDLT

On 6th March 2024, the abolition of the Stamp Duty Land Tax (SDLT) relief known as Multiple Dwellings Relief (MDR) was announced. The Reasoning HMRC’s tax reliefs evaluation programme has determined that MDR has not satisfied its original objectives. They have concluded that there have been numerous cases where the relief has been abused and…