- HMRC has announced yet another tax amnesty, this time in relation to those who have not completed and submitted self-assessment for 2011/12. With a deadline looming on 15 October 2013, those who contact HMRC will only face a much reduced penalty of 10% rather than the usual 100%. Failure to do so could lead to a criminal prosecution for tax fraud, so says HMRC.
- There has been a huge increase of reports to the HMRC tax fraud hotline, and the vast majority of those making the reports are former spouses!
- The much-lauded UK–Swiss tax deal has become something of a disappointment for the Treasury; the amnesty for those UK citizens who held undisclosed sums in Swiss accounts has collected less than £1 billion, rather than the £3.2 billion predicted by the OBR. The Swiss have reported that there were fewer suspect accounts than the UK authorities were hoping for!
If you require any advice in relation to HMRC investigations, tribunal proceedings or criminal prosecutions, contact us using our online enquiry form or by telephone on 0207 387 2032.
