GB Taxation - News / Announcements

 

HMRC NDO Undisclosed Income?

 Don't Panic!!! 

As an experienced former HM Inspector of Taxes I know that an early and voluntary disclosure is still likely to help you to minimise your tax bill and can assist in negotiating this ... BUT ... don't delay - act TODAY!

In recent years HMRC has mounted a series of 'campaigns' against tax evasion

HMRC Campaigns

HM Revenue & Customs (HMRC) Campaigns involve a programme of work that address a series of specific areas of strategic risk for HMRC.

Each Campaign targets an identifiable population to try and improve levels of tax compliance in that population utilising information relating to the strategic risk from internal HMRC sources and external private/public third party sources obtained using new tools and innovative approaches. This provides each campaign with an identifiable population at the outset for whom opportunities are provided that make it easier for them to choose to be compliant - offering an incentive to self correct.

Campaigns bring together a basket of incentives for the population to encourage voluntary disclosure and provide HMRC with information to use to improve the processes provided for both compliant and non compliant customers.

HMRC future campaign activity

Anyone who believes the coming campaign activity may apply to them and who wants to come forward now and voluntarily disclose can call HMRC on Tel 0845 601 5041.

... the first disclosure opportunities were for undisclosed overseas accounts or assets and closed on 4 January 2010. Since then further campaigns have emerged or been planned as follows (details extracted early January 2012 but more may be added at any time):

  • Medics Tax Health Plan (THP) - started 2010 - for doctors, dentists etc
    Although the best terms offered by THP are no longer available, any doctor or dentist can still volunteer now to cooperate with HMRC. It is better to come forward before HMRC opens an enquiry.
  • Plumbers Tax Safe Plan (PTSP) started March 2011 - the disclosure period ended on 31 August 2011
  • VAT Initiative Launched 5 July 2011. Focused on unregistered individuals and businesses operating at or above VAT threshold.
    If you do still need to register your business for VAT but didn’t make a notification, it may still be beneficial for you to do so before the VAT Initiative ends
  • Catch Up Plan for tutors and coaches - started October 2011 and will run until 6 January 2012; disclosure, with payment, will end 31 March 2012.
  • Electrician’s Tax Safe Plan (ETSP) -starting February 2012
  • E Marketplaces - starting 2012

While HMRC will always give credit to those who come forward with a full disclosure - whatever the source of income - those who don't come forward risk harsh penalties or even prosecution.

  I can help you notify HMRC     ...     and limit the cost to you!

How Would I Help You?

  1. The guidance on the HMRC website may change more rapidly than I can update my web pages - but I read it regularly and can tell you how it might affect you.
  2. In particular if there is a disclosure package I will be able to advise you on the timescale.
  3. I can send the initial notification provided I hear from you in time.
  4. Time is likely to be short - if you submit things by post there may be just two months between the deadlines for the initial notification and for final settlement.
    I am used to the vagaries of HMRC's online systems which typically would allow another 5 weeks (though you should aim to settle things as soon as you can and NOT use this as anything other than a backstop in case there's a snag!)
  5. If there is no package, an early voluntary disclosure of liabilities would be even more beneficial in the long term.
  6. I can calculate the liability and advise you about how much to pay and when.
  7. I know the rules about penalties and I'm used to negotiating them - from both sides of the fence!

Health Warning!

  • Failing to return income is serious stuff!
  • You must be completely open and honest - with me and HMRC
  • If you're not prepared to be frank I can't help you