LATEST NEWS: HMRC writes to UK residents named in leaked Pandora Papers giving them chance to correct their tax affairs. Read more...
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What is HMRC 'requirement to correct'?

Answer:

HMRC’s focus has now turned to offshore matters with regards to planning and to people who reside in the UK (although they may not be technically resident or domicile in the UK).  

Late last year the Automatic Exchange of information legislation came into force.  What this means is that a most tax authorities in the world are now gathering and exchanging information with other countries in the world.

Each tax authority is gathering information from financial institutions (banks, building societies, insurance companies and investment companies and where there is a linked address to someone in another country, they are automatically sending the information to the tax authorities in the relevant country.  

The exchange of this information has already led to HMRC’s Risk and Intelligence unit sending out a significant number of standard letters asking people to confirm that they have declared all of their income.

Read more about Code of Practice 8 (COP8).

If you can't find the answers you are looking for in our FAQ please get in touch with our team for confidential and no-obligation advice.

Call 0800 011 9625 or email us at scott.gilbert@gilberttax.co.uk

Contact Our Team

Get in touch with us for confidential and no-obligation tax advice.

Call us on:
0800 011 9625

Email us at:
scott.gilbert@gilberttax.co.uk

Here to help, not to judge
Tax Investigation Specialist
Scott Gilbert, Partner and Tax Investigation Specialist

"We understand that people sometimes make mistakes in their dealings with HMRC and that HMRC make mistakes in dealing with taxpayers. Many people do not know how to deal with HMRC or who to turn to for help resolve the tax dispute.

Our firm of tax advisors specialise in resolving people's problems with HMRC. We have extensive expertise in dealing with all forms of tax investigations and tax disputes as well as with taking matters to the Tax Tribunal where agreement cannot be reached.

We deal both directly with the individual who is under enquiry and also work with many firms of accountants supporting them in dealing with HMRC disputes and advising them on how to handle HRMC to get the best result.

The fact is that proper management of HMRC is the best way of reducing the tax, interest and penalty as well as the time taken in resolving any tax dispute.

Our expert team are none judgemental and rigorously defend your position within the scope and parameter of the law. We take control and manage the process to minimise the interruptions that any form of tax investigation causes to an individual's life and business."