HMRC clamping down on foreign income

Governments around the world are increasingly taking a hard line against those perceived to have avoided tax, whether that be individuals or corporates. Jennie Granger, director-general of enforcement and compliance for HM Revenue & Customs (HMRC), recently said: “We’ve closed old disclosure facilities, increased penalties, and ramped up our powers to tackle evaders and those that help others evade, the days of any safe havens for tax evaders are numbered”. Under new proposals, those who do not come forward and pay outstanding taxes from offshore investments and accounts, could face even tougher penalties of up to three times the tax they try to evade, and increase their risk of potential criminal charges.

If you think that you may have inadvertently under-declared your income or gains, then you should seek advice sooner rather than later. At Beavis Morgan, our tax specialists, some of whom are former HMTC Inspector of Taxes themselves, are well versed in dealing with all types of complex tax issues. We are readily available to oversee HMRC disputes on your behalf, as well as to represent clients in appeal proceedings before the Tax Tribunal. Contact Alan Ford or your usual Beavis Morgan partner.