Tax investigations are not something that any business will want to go through. If you believe that there may be an issue with your tax then it may be a good idea to make a voluntary disclosure to HMRC rather than waiting for them to investigate you.
Over recent years HMRC has released targeted campaigns in order to highlight tax disclosures to a particular group. For example, some of the campaigns that they have launched include:
These campaigns gave these professionals the chance to come forward and disclose any tax irregularities to HMRC. In return HMRC would limit the period over which they would recover the unpaid tax and also reduce the financial penalties.
Whilst every case is different, there is thought to be some benefits to making a voluntary disclosure to HMRC.
Even in the more serious cases, whereby a voluntary disclosure could be the difference between a full tax investigation with a possible criminal charge or a financial penalty.
Should a penalty be imposed by HMRC, then it will be significantly reduced thanks to your disclosure.
When it comes to tax disclosures, you are going to want to speak to someone who not only has the expertise in the area but can also approach your situation with understanding and discretion.
A dedicated accountant can not only provide you with all the relevant information on making (or not making) a voluntary disclosure, but they can also review your particular case, presenting it in the best way possible.
They will work with you to ensure that the situation is resolved quickly and that you receive the minimal tax exposure. If you are worried about your tax declarations don’t wait for a letter off HMRC, but consider making a voluntary disclosure and give yourself complete peace of mind.