Those liable to UK tax who know or suspect that they may not have correctly declared their income and gains to HMRC ought to consider making a voluntary disclosure to HMRC.
We assist taxpayers directly with the preparation and submission of disclosures to HMRC or we work alongside accountants and other advisers allowing them to enhance the service that they offer their clients.
Voluntary disclosures are made before any prompt is received from HMRC. However, they are often prompted by either:
Making a voluntary disclosure to HMRC allows the taxpayer, via their adviser, to take control of the issue before any investigation by HMRC. Any penalties will be charged at a lower rate, as going forward voluntarily, demonstrates cooperation.
No two tax disclosures are the same and we invest time getting to know each taxpayer and the background and fact pattern to their disclosure.
This is crucial because classification of the behaviour of the taxpayer should be made as early as possible in the disclosure process as this affects:
Our approach includes preparing a written narrative to include all the information that HMRC will expect to have received and reviewed before they can accept a disclosure. We know what information will satisfy HMRC and can therefore pre-empt their questions.
Please contact Sarah Scala, Associate Partner and Head of Tax Dispute Resolution for a no obligation and confidential discussion if you are considering making a disclosure to HMRC.
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