The necessity to make a voluntary disclosure to HMRC can occur in a wide range of circumstances: from a single innocent mistake in a tax return coming to light, where no penalty should be due, through to cases where there might have been a history of deliberate understatement of tax that needs to be rectified.
HMRC generally views individuals who make voluntary disclosures in a better light than those who are eventually “found out” for having underpaid tax.
Making a voluntary disclosure of one’s tax affairs to HMRC is a proactive step. If HMRC holds information or evidence to suggest that you have avoided paying or underpaid tax, whether innocently mistaken or intentionally, it will open an investigation into your affairs. Most investigations can result in large payments to be made in lieu of underpaid tax, and in addition, large penalties. In extreme situations there could be a possible criminal prosecution which could result in imprisonment in some circumstances.
Different circumstances call for different treatment. Specialist advice will enable the disclosure to be made to HMRC in the right manner, whether to Local Compliance, a Civil Investigation of Fraud office, Special Investigations or other office as appropriate. From the initial disclosure through to negotiating final settlement, we can deal with the whole process of your voluntary disclosure to the relevant office within HMRC, keeping you fully informed of progress throughout.
Members of our team have assisted numerous taxpayers in making a voluntary disclosure to HMRC. We have made disclosures for groups of companies with complex affairs, high net worth individuals with offshore tax aspects as well as cases where a simple mistake has arisen.
We negotiate robustly to conclude matters on a client's behalf, at minimum cost and as quickly as possible. For a free initial discussion on how we could help you make a disclosure to HMRC, or to arrange an initial meeting on a no cost/no obligation basis, please complete the contact form above or call 0203 283 4489 for immediate assistance.
Welcome to Panacea Tax. We are here to help with your specialist tax problems.
Phone: 0203 283 4489
3 More London, riverside, London, SE1 2RE
82 King Street, Manchester, M2 4WQ
Let us take the stress, worry and aggravation of HMRC tax investigations away and give you peace of mind. Our extensive range of services means we are effective and successful at solving tax investigations every time. Contact us first and we will advise you of the best way forward.