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News – 08.01.24
US Supreme Court clarifies Foreign Bank Account Report (FBAR) penalty application
In 2023, the Supreme Court confirmed that the $10,000 penalty for non-wilful failure to file an FBAR will apply per form and not per account … Read more
Insight
2024/25 UK tax rates and allowances guide
Download our 2024/25 UK tax rates and allowances guide, to stay on top of the key tax rates and allowance updates amid day-to-day living. … Read more
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1403 14/F The Lucky Building, 39 Wellington St, Central, Hong Kong
enquiries@buzzacott.hk T +852 2531 7000
All information collected under the CRS is analysed by HMRC’s Risk Intelligence Service (RIS). They are a team of specially trained data handlers who use a custom made interrogation system called ‘Connect’ to identify possible errors or omissions in a taxpayer’s affairs. The number of HMRC investigations generated by leads from ‘Connect’ increases each year, and it is now believed to account for at least 90% of HMRC’s cases.
If HMRC can successfully challenge the accuracy of your tax affairs, the law allows them to charge penalties of up to 100% of the tax that has been lost if the matter involves UK activities, rising to 300% for offshore. In either case, this is significantly more than what would be charged if you make a voluntary disclosure, and it may even be possible to avoid a penalty entirely.
In the most serious cases, HMRC may elect to conduct a criminal investigation with a view to criminal prosecution.
We have extensive experience in assisting clients who wish to make a voluntary and unprompted disclosure of errors in their tax affairs.
We will review your position and determine whether you have received funds that should have been declared. If we conclude that you should make a disclosure, we will advise you of the best option for your circumstances and will work with you to make that disclosure in the most cost-efficient way. We will also take steps, from the outset, to reduce the extent of any potential enquiry, and mitigate any financial and non-financial penalties that could be applied.
To date, our involvement in such cases has prevented clients from being named and shamed as tax evaders, or, worse still, criminally prosecuted.
Call us today on +44 (0)20 7710 3389 or fill in the form below and a member of our team will be in touch. All communications are in the strictest confidence.
