HMRC
Apologies for HMRC penalties
When it comes to self-assessment tax returns, being punctual is crucial. Failing to submit your tax return by January 31 following the end of the relevant tax year or failing to pay your taxes due on time may result in automatic penalties from HMRC. Additionally, failure to notify HMRC of the taxation will also result […]
Disclosure of the case to HMRC
Introduction We were contacted by a client who recently realized that they had incorrectly declared their workplace pension contributions on their tax return. Although the degressive provisions were taken into account, he had not calculated or declared the annual allowance (AAC) which applies when the total contributions exceed the annual allowance. Issue Our client had […]
HMRC investigations
Make sure your taxes are dotted and t’s crossed, as HMRC investigations are increasing. Over the past year, HMRC has significantly increased its tax investigations, opening around 250,000 new investigations. Many of these requests have targeted high net worth individuals (“HNWIs”) and small businesses. Using cutting-edge technology and artificial intelligence, HMRC can now identify potential […]