Voluntary DisclosuresSometimes businesses, or individuals, discover that, for one reason or another, a mistake has been made and there is an underpayment of tax, PAYE/NIC or VAT and corresponding errors in the returns they have submitted toHMRC. The underlying reasons for the errors could range from a simple mistake to flaws in business records to a manipulation of profits or a fraud perpetrated against a business. With the new HMRC information powers and penalty regime the ability for HMRC to obtain information and then heavily penalise anything other than a genuine mistake in your tax affairs has increased considerably. Part of the new penalty regime recognises the value of making a voluntary disclosure and owning up to mistakes before being challenged by HMRC. Of course securing civil treatment byHMRC also reduces the threat of a prosecution and the associated stress and worry involved is a primary benefit of making a voluntary disclosure rather than waiting for HMRC to come to you. You can also avoid being named and shamed on teh HMRC website as a tax defaulter by acting in teh appropriate fashion and actively working with us to resolve any tax difficulties. There are many benefits to making a properly managed disclosure. Our specialists can assess the right path to take and make contact with HMRC on your behalf. This process must be managed correctly; depending on the level of the potential tax loss we can make contact with HMRC at the right level and in the right way. Our thorough understanding of HMRC’s processes, information powers and the interaction with penalty mitigation is essential. Various routes of disclosure exist including the Contractual Disclosure Facility (CDF), the occassional industry specific tax disclosure opportunities and the Lichtenstein Disclosure Facility. We will help you decide the best options suitable for your circumstances and manage the process for you. You may be concerned about how HMRC will view the matter, especially if the tax involved covers several years. This is why there remain many pitfalls for the inexperienced; however properly managed there are opportunities to obtain a speedier resolution and significant reductions in penalties. We have very considerable experience in dealing with these matters both from within the Revenue and from the Profession. We can assess and then manage the disclosure process on your behalf; reducing the need for you to be interviewed by HMRC officers as much as possible and controlling the flow of information and documents. We will often agree a way forward with HMRC on your behalf so that everyone involved is working towards a resolution by way of a clearly agreed agenda. We remain completely objective throughout the entire process; as will our advice and wherever applicable our specialists will robustly defend your position. You will be informed and consulted at every stage. Any disclosures and any settlement proposals will be discussed and agreed with you before submission. Our specialist knowledge and experience can also help us to achieve the best possible financial outcome on your behalf and as quickly as possible. We can negotiate with HMRC for the best resolution and mitigation of penalties. We can work alongside your existing advisers leaving you both free to move on at the end of our involvement.
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