HMRC campaigns:
HMRC organises ‘campaigns’ to persuade individuals in specific fields or industries to report undisclosed income or under valued income. As part of a campaign, you’ll be required to calculate your taxes, income, and interest due as well as penalties. Penalties could range up to 20% of the tax owed. If HMRC finds out by themselves, the penalty could be severe with up to 100% of the unpaid tax. Therefore, it is wiser to disclose payments through the campaign to avoid a more significant fine.
Naseems Accountants will provide the expertise and advice that ensures any imposed fines are as small as possible, so your company isn’t held back due to the recent change in HMRC policy.
Contentious HMRC enquiry:
In general, negotiations with HMRC are simple. But there may be an inconsistency between your point of view and HMRC’s. However, the issue may be related to the disclosure of information or specific to your field of work. Such matters could cause discontent, and that’s why our expertise can be of great help.
We have many years of experience handling complex issues with HMRC with a satisfactory solution for our clients.
Sometimes HMRC is at fault; previously, we’ve had success filing a claim against HMRC as having an investigation against you could have put a financial burden on you and therefore the claim can help get rid of some of that burden and give you compensation for the stress caused.
We have a team of dedicated and knowledgeable tax professionals who will help you with any HMRC enquiry issue.
Voluntary disclosure:
Taxpayers are suggested by HM Revenue & Customs (HMRC) to notify the tax authority when they realise that they didn’t pay the correct tax during the previous tax year.
This procedure is known by the term “voluntary disclosure”. It typically allows taxpayers to settle their finances and unpaid debts with no substantial penalties.
To make voluntary disclosures, either an individual or a company can use DDS (digital disclosure service) to make a voluntary disclosure. DDS is used to notify HMRC that the proper amount of tax on income, Capital Gains Tax (CGT), National Insurance (NI) contributions, or Corporation Tax has not been correctly declared.