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Tax Investigations & Undisclosed Income

A tax investigation or tax “compliance check” can be a worrying, confusing and stressful time for anyone, whether their tax affairs are correct and complete or not. The complexity of tax rules and penalty implications for making mistakes is never more of an issue that at this time. It is therefore essential to get the right experienced and knowledgeable support at this time.

Changes to HMRC penalty regime

Tax Investigations are now more targeted than ever, with HMRC using their many available data sources to identify taxpayers with potential issues with their tax affairs or mistakes or omissions from their returns. Drawing on data from employers, investment houses, banks and the land registry amongst others, more often than not this means that HMRC are acting on specific information received.

With changes to the penalty regime a few years ago, dealing with HMRC in the right way from the very start is key to protecting the rights of the individual or business, whilst also ensuring penalties are minimised by co-operating, disclosing and assisting HMRC, within the limits of what is reasonably required.

Wisteria’s tax team has dealt with many tax enquiries.  In the last year, we have dealt with issues relating to:

  • Property tax and Capital Gains Tax issues
  • Under declared business profits
  • Voluntarily alerting HMRC to tax irregularities
  • VAT
  • Residency and domicile issues
  • Share schemes
  • Valuations of assets
  • Entrepreneur’s relief
  • Challenges to deductible expenses.

Our wide experience dealing with such issues means that we understand the process and expectations.  We also know what HMRC expect and in the event there are issues with your tax affairs, how to manage the process to minimise penalties and if relevant prevent you from needing to deal with an inspector at all.

Taking the right first step is a key part to minimising potential penalties.  Contact us for a confidential discussion about how we can help.

Have a query around undisclosed income or subject to investigation?

Get in contact with us below and a member of the Wisteria team will be happy to give you a call back