articles: Tax investigations

Are you prepared for the requirement to correct?

The requirement to correct (RTC) legislation is now in force and concerns all taxpayers with overseas income or assets. The purpose of the RTC rules is to encourage taxpayers with overseas interests to ensure that their historical UK tax position is corrected by 30 September 2018. Those who do not do so by that date will be exposed to greatly increased penalties.

An Autumn Statement for “rebuilding Britain”

Five years since delivering his first spending review, George Osborne spent over an hour delivering his 2015 Autumn Statement. He repeatedly stated the Government’s intent to build public services, infrastructure, national defences and strong public finances.

Clamping down on international tax evasion

The UK has signed an agreement with 50 other countries and jurisdictions to automatically exchange tax information as part of an international clampdown on tax evasion. Under the agreement, unprecedented levels of information including account balances, interest payments and beneficial ownership will be shared with the UK from countries across the world.

Solicitors’ tax campaign

HMRC has launched its latest voluntary disclosure opportunity, this time aimed at a solicitors. The latest campaign follows others involving medical professionals, plumbers, electricians, online traders and landlords.

The Autumn Statement – what can we expect?

The Chancellor of the Exchequer will deliver his Autumn Statement on Wednesday 3 December. This will provide an update on the government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility, which will be published the same day.

The Budget 2014 – summary

In a speech full of sound bites, the Chancellor’s 2014 Budget repeated past themes – the need to build a resilient economy and for Britain to live within its means. But his dominant message was new: this was a Budget for “the makers, the doers and the savers”.

Time To Pay

For a variety of reasons, a taxpayer may find themselves in a position where they can’t pay a tax bill when it falls due. Time To Pay (TTP) arrangements allow HMRC to collect tax in a cost effective way and is open to ‘viable customers’ who cannot pay their tax on the actual due date.