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News – 19.12.24
Buzzacott advises Rose Street Partners on its investment in Kenwood Damp Proofing PLC
Discover how Buzzacott supported Rose Street Partners on its investment in Kenwood Damp Proofing PLC … Read more
Insight – 18.12.24
Start-up guide: Everything you need to know about Tronc schemes to set your new hospitality business up for success
One challenge for new hospitality businesses is the management of tips and service charges. … Read more
Upcoming event – 16.01.25
VAT on Private School fees training
This in-depth, interactive training seminar is designed to provide school administrators, bursars, finance officers, accountants, and trustees with tailored support and expert insights on the practical implementation of VAT. … Read more
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enquiries@buzzacott.co.uk T +44 (0)20 7556 1200
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Understanding the importance of engaging correctly on this matter with HMRC, our Private Client and Tax Investigations experts worked collaboratively to develop the best strategy to disclose the historic omissions to HMRC.
In this instance, we recommended HMRC’s Worldwide Disclosure Facility (WDF) to disclose the errors and Claude swiftly instructed them to proceed with the initial WDF notification.
A full WDF disclosure was subsequently prepared by our Tax Investigations experts who liaised both with Claude and our Private Client specialists to determine the behaviour that that led to the errors. This was then comprehensively presented to HMRC in the best way possible to ensure exposure to penalties was minimised and that the disclosure was promptly accepted by HMRC. Thus, giving Claude peace of mind that matters were resolved as swiftly and efficiently as possible.
Given the inaccuracies in Claude’s tax return, HMRC could have sought to impose a penalty of up to 200% of his tax liability in some years. As a result of the unprompted disclosure, together with our comprehensive and robust representations, maximum penalty reductions were achieved in all years.
Once the technical analysis and the WDF disclosure was completed, we presented an advice paper to Claude to assist him in optimising future remittances to the UK. This will reduce the risk of further errors and also meet his future funding needs in the UK, considering both personal funds available and any potential distributions from the family trust.
Claude has benefitted from the expertise within both our Tax Investigations and Private Client experts and their collaborative approach in advising clients.
Always take care when providing your accountant with information to prepare your tax return. If you are unsure about a particular issue, consider raising the matter with your accountant/advisers to avoid costly mistakes.
If you feel hesitant or uncomfortable about your ability to deal with an error or omission that has been discovered, it’s in your best interest to consider appointing a tax investigations specialist to represent you in dealing with HMRC. If a mistake has been made, it is usually a good time to review your affairs thoroughly to ensure all aspects are compliant.
At the end of any disclosure process with HMRC, consider how similar and errors can be avoided in future and whether any previously received advice is still up to date or needs revisiting.
For advice on reviewing your UK tax affairs or correcting an error/omission, please fill in the form below and one of our experts will be in touch to discuss your requirements and how we can help.
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