HMRC offshore nudge letters sent out ‘too late’
Profound lack of awareness of draconian tax regime
Profound lack of awareness of draconian tax regime
UK taxman updates offshore guidelines a month before tougher regime goes live
Middle income expats are in the firing line as the UK crackdown on offshore tax evasion and non-compliance continues to intensify, according to private client accountants Saffery Champness.
UK tax dispute resolution specialists Hamilton Rose is predicting a fresh wave of tax evasion and avoidance disclosures to HM Revenue & Customs from financial advisers and their clients and is offering a service to help advisers and corporates minimise potential liabilities.
Incoming Requirement to Correct (RTC) rules “are a potential breach of human rights” according to James Quarmby, a top private client tax lawyer.
Steeper fines under HM Revenue & Customs’ requirement to correct (RTC) regime are just the start of changes that could catch out law-abiding taxpayers, according to KPMG’s head of tax investigations.
Offshore tax evaders face “much higher” penalties for non-compliance under new Right To Correct (RTC) rules revealed by HM Revenue & Customs.
The UK tax office is planning to introduce hefty new penalties of up to 200% on taxpayers with undeclared offshore investments, prompting calls from the Association of Taxation Technicians for people to get their affairs sorted sooner rather than later.