New Penalties For Tax Fraud And Evasion In Finance Bill 2017
The Finance Bill 2017 has introduced several new penalties regarding tax evasion, in the government’s bid to tackle these crimes. Tax fraud and evasion have hit...
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A tax avoidance scheme is put in place to bend the rules of the tax system, to gain tax advantages for its members. Many people who join a tax avoidance scheme do not realise that they are risking being challenged by HMRC, and will potentially end up paying more back in penalties than they originally planned to save in tax.
There are a range of ways to identify a tax avoidance scheme, including:
If you’re already a member of a tax avoidance scheme, it’s better to get out early, rather than wait for your tax bill. The sooner you choose to pay the tax owed, the less penalties you’ll need to pay. HMRC encourages anyone who has been involved in a tax avoidance scheme to settle and has specialist teams on hand to offer advice about what to do next.
If you’re found to be involved in a tax avoidance scheme, HMRC will fully investigate your tax affairs, which may be publicised. There’s a good chance you’ll be required to pay the tax you owe upfront. This is called an accelerated payment notice and usually has a 90-day grace period.
There’s also a good chance that HMRC will begin legal proceedings against you, so you must hire a tax solicitor with experience in this field.
Here at DBT & Partners, our dedicated team of solicitors are experts in handling these types of cases, and are on hand to provide the legal advice that’s essential for getting the best possible outcome for each of our clients. Contact us today for a free, confidential chat about your next steps.
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