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| WAMS Tax Ltd Problems and Opportunities that are Topical Mobile 07751720507 Call anytime forewarned and forearmed |
| Tax Hints & Alerts |
Here are some of the current problems that you might be worried about.
Or maybe even things you didn't realise were wrong..... or tax refund?.
At present HMRC are targetting - amongst ongoing projects
(1) Ebay & Paypal traders
(2) Fish and Chip Fryers
(3)Buy-to-Let Landlords -even for omitted housing benefits
and omitted capital gains when you sell
and don't forget
(4)Offshore Bank accounts intitiatives-
New Offshore Disclosure - "NDO" scheme will follow in the Autumn of 2009 -
you need to register from 4 January 2010 and complete by 31 March 2010.
There is also the
Leichtenstein Disclosure Facility - "LDF" that has different terms but possible
traps
The HEALTH PLAN "THP" - Medical professionals disclosure opportunity - you
needed to register by 31st March 2010 and complete by 30 June 2010
- keep up to date with the news on WAMS Tax Ltd and details will be
posted as soon as they are published
(5) Company Investigations from an Employer Compliance visit
Bill Stevenson has the experience to help you with any of the above and
more........ See some of his Testimonials from appreciative clients
Don't lose sleep deal with it before the tax man comes knocking - Bill Stevenson
is more than capable of handling anything that is wrong as you will gather
from reading the various pages.
(a) Going to get penalties?-If it looks like you are not going to meet the tax
return filing deadline then pay "a wee bit more" than your estimated tax bill that is
due on 31st January 2010 (by the 27th January to ensure paid on or before 31st)
and then later claim the excess back as a repayment. This way you will escape
surcharges (5% or 10% penalties in other words) that could be payable if you were
even one day late in paying your tax and you might even get a bit of interest on
your refund if you overpay too much. Mind you if you miss the filing deadline you
still get fined a non-returnable £100. OK no fee for that tip but has your own
accountant advised you about this sort of thing?
Remember partnership returns need attention before Mid January to get them
resolved in time
(b) Offshore Banking -
NEW DISCLOSURE OPPORTUNITY- "NDO" from 1st September 2009
If you had a Liechtenstein account , anstalt, trust etc. get terms that can be
better than the NDO but watch out for the uncertainties
Dave Hartnett , the acting Chairman of HMRC was quoted as saying:
“Some people will go to jail — I have no doubt about that, for example where
they have lied to us during a previous investigation. We do not tolerate that at all.”
OK so you didn't take advantage of the Offshore Disclosure Facility and HMRC
haven't come a knocking yet. It is rumoured that
(i) HMRC are looking for the correct prosecution cases and
(ii) the new tax amnesty started on 1st September 2009
therefore anybody with a decent load offshore in the years up to 2005-06 or even
later to 2007-08 should really think hard before keeping their head in the sand.
You can still get a good deal and lower penalties (than you otherwise might) if you
are agreeable to let me manage your enquiry and go forward before you get
caught. You might even escape prosecution and HMRC may settle for money.
Tax Enquiry Advice given on advantages of going forward with an amnesty or
otherwise. Bill of WAMS Tax Ltd is here to help - ring 07751720507.
If you are a tax accountant or other adviser Bill Stevenson can provide you with
reliable support or second opinions - but early referrals are preferable before
problems arise.
(c) Goodwill & Incorporation of Company -
Once upon a time it was considered a nice wheeze for a practitioner to get a nice
fat fee in return for getting his client - a profitable trader - to incorporate his
business with the carrot of getting nearly £36K tax free from the new company's
director's loan account. Then into the bargain the advisers annual fees were higher
for administering the company books etc.
HMRC didn't do much about the £36K ploy so then the tax advisers got greedy and
more ingenious and started to exploit HMRC's seeming weakness.
However although it takes them a while it seems from recent enquiries that they
may be getting more on top of the game.
If you are
a tax adviser that has exploited the seeming loophole or
a client/taxpayer that followed your tax advisers advice and was totally
taken in you may need help.
WAMS Tax Ltd is here to help contact Bill today for a CONFIDENTIAL chat
(d) Fish and Chip Shops
HMRC are targeting Fish Fryers /Fish and Chip shops as they consider there is the
risk that owners have been understating their takings (and profits) and paying off
record wages from the undeclared takings as well. Oh yes and of course they
believe that you intentionally destroyed the till tail slips and pocketed the money.
Watch out for the cold sale VAT traps as well. "The taxman's about so watch out"
and they're after your hard earned monies. Not everybody is able to keep
meticulous records so get help from the professionals. WAMS Tax Ltd is here to
help. See the latest Fry Online
(e) Employer Compliance Visits -
If you recently read an article possibly suggesting that Employer Compliance staff
were not visiting to detect fraud and that they would believe whatever you say as
regards there being no particular benefits when they go through their checklists
then beware. Do not use this tactic to side step answering a question in a way you
know is wrong as it can lead to you being accused of lying and potentially higher
penalties (and even being referred to the Serious Criminal Investigation section).
You might of course get lucky and be seen by a CIF Team
(f) Spanish Capital Gains Tax refund -
If you sold a Spanish property before 31st December 2006 and within the last 4
years you could be due a tax refund if you paid tax at 35%. This is because Spain
used to tax non-residents at a much higher rate than they did for local residents.
The European Court of Justice decided last year (2008) that the regime was illegal
and as a consequence you could be due a refund if you play your cards right.
Phone Bill on 07751720507 with the full details shown on your form 212 to see if
you could make a claim
This part of the site will be updated from time to time for matters of current interest and are merely from the
views of Bill Stevenson. No liability can or will be accepted for any actions that you decide to take as a
result of this without taking up the specialist one to one personal advice that is available from WAMS Tax
Ltd
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Or maybe even things you didn't realise were wrong..... or tax refund?.
At present HMRC are targetting - amongst ongoing projects
(1) Ebay & Paypal traders
(2) Fish and Chip Fryers
(3)Buy-to-Let Landlords -even for omitted housing benefits
and omitted capital gains when you sell
and don't forget
(4)Offshore Bank accounts intitiatives-
New Offshore Disclosure - "NDO" scheme will follow in the Autumn of 2009 -
you need to register from 4 January 2010 and complete by 31 March 2010.
There is also the
Leichtenstein Disclosure Facility - "LDF" that has different terms but possible
traps
The HEALTH PLAN "THP" - Medical professionals disclosure opportunity - you
needed to register by 31st March 2010 and complete by 30 June 2010
- keep up to date with the news on WAMS Tax Ltd and details will be
posted as soon as they are published
(5) Company Investigations from an Employer Compliance visit
Bill Stevenson has the experience to help you with any of the above and
more........ See some of his Testimonials from appreciative clients
Don't lose sleep deal with it before the tax man comes knocking - Bill Stevenson
is more than capable of handling anything that is wrong as you will gather
from reading the various pages.
(a) Going to get penalties?-If it looks like you are not going to meet the tax
return filing deadline then pay "a wee bit more" than your estimated tax bill that is
due on 31st January 2010 (by the 27th January to ensure paid on or before 31st)
and then later claim the excess back as a repayment. This way you will escape
surcharges (5% or 10% penalties in other words) that could be payable if you were
even one day late in paying your tax and you might even get a bit of interest on
your refund if you overpay too much. Mind you if you miss the filing deadline you
still get fined a non-returnable £100. OK no fee for that tip but has your own
accountant advised you about this sort of thing?
Remember partnership returns need attention before Mid January to get them
resolved in time
(b) Offshore Banking -
NEW DISCLOSURE OPPORTUNITY- "NDO" from 1st September 2009
If you had a Liechtenstein account , anstalt, trust etc. get terms that can be
better than the NDO but watch out for the uncertainties
Dave Hartnett , the acting Chairman of HMRC was quoted as saying:
“Some people will go to jail — I have no doubt about that, for example where
they have lied to us during a previous investigation. We do not tolerate that at all.”
OK so you didn't take advantage of the Offshore Disclosure Facility and HMRC
haven't come a knocking yet. It is rumoured that
(i) HMRC are looking for the correct prosecution cases and
(ii) the new tax amnesty started on 1st September 2009
therefore anybody with a decent load offshore in the years up to 2005-06 or even
later to 2007-08 should really think hard before keeping their head in the sand.
You can still get a good deal and lower penalties (than you otherwise might) if you
are agreeable to let me manage your enquiry and go forward before you get
caught. You might even escape prosecution and HMRC may settle for money.
Tax Enquiry Advice given on advantages of going forward with an amnesty or
otherwise. Bill of WAMS Tax Ltd is here to help - ring 07751720507.
If you are a tax accountant or other adviser Bill Stevenson can provide you with
reliable support or second opinions - but early referrals are preferable before
problems arise.
(c) Goodwill & Incorporation of Company -
Once upon a time it was considered a nice wheeze for a practitioner to get a nice
fat fee in return for getting his client - a profitable trader - to incorporate his
business with the carrot of getting nearly £36K tax free from the new company's
director's loan account. Then into the bargain the advisers annual fees were higher
for administering the company books etc.
HMRC didn't do much about the £36K ploy so then the tax advisers got greedy and
more ingenious and started to exploit HMRC's seeming weakness.
However although it takes them a while it seems from recent enquiries that they
may be getting more on top of the game.
If you are
a tax adviser that has exploited the seeming loophole or
a client/taxpayer that followed your tax advisers advice and was totally
taken in you may need help.
WAMS Tax Ltd is here to help contact Bill today for a CONFIDENTIAL chat
(d) Fish and Chip Shops
HMRC are targeting Fish Fryers /Fish and Chip shops as they consider there is the
risk that owners have been understating their takings (and profits) and paying off
record wages from the undeclared takings as well. Oh yes and of course they
believe that you intentionally destroyed the till tail slips and pocketed the money.
Watch out for the cold sale VAT traps as well. "The taxman's about so watch out"
and they're after your hard earned monies. Not everybody is able to keep
meticulous records so get help from the professionals. WAMS Tax Ltd is here to
help. See the latest Fry Online
(e) Employer Compliance Visits -
If you recently read an article possibly suggesting that Employer Compliance staff
were not visiting to detect fraud and that they would believe whatever you say as
regards there being no particular benefits when they go through their checklists
then beware. Do not use this tactic to side step answering a question in a way you
know is wrong as it can lead to you being accused of lying and potentially higher
penalties (and even being referred to the Serious Criminal Investigation section).
You might of course get lucky and be seen by a CIF Team
(f) Spanish Capital Gains Tax refund -
If you sold a Spanish property before 31st December 2006 and within the last 4
years you could be due a tax refund if you paid tax at 35%. This is because Spain
used to tax non-residents at a much higher rate than they did for local residents.
The European Court of Justice decided last year (2008) that the regime was illegal
and as a consequence you could be due a refund if you play your cards right.
Phone Bill on 07751720507 with the full details shown on your form 212 to see if
you could make a claim
This part of the site will be updated from time to time for matters of current interest and are merely from the
views of Bill Stevenson. No liability can or will be accepted for any actions that you decide to take as a
result of this without taking up the specialist one to one personal advice that is available from WAMS Tax
Ltd
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| WAMS Tax Ltd |
| Bill Stevenson Ex-IR Tax Investigation and Enquiry Specialist and Offshore Banking etc Tax Consultant |
Bill has the expertise to advise on all
cases from the sole trader through to the
multi £Million pound companies.
No problem is too small (if it is causing you
stress) nor is any enquiry too large or
complex
cases from the sole trader through to the
multi £Million pound companies.
No problem is too small (if it is causing you
stress) nor is any enquiry too large or
complex
The comments on this site are personal views and solely those of the author who
retains the copyright. Each enquiry has its own dangers and opportunities that
require full and detailed considerations and advice. No responsibility can be taken
for any actions that the reader decides to take (or not take) after reading the text
and articles unless you engage with the company and Bill Stevenson on a proper
fee paying client/tax adviser basis.
WAMS Tax Ltd - Bill Stevenson - 07751720507
retains the copyright. Each enquiry has its own dangers and opportunities that
require full and detailed considerations and advice. No responsibility can be taken
for any actions that the reader decides to take (or not take) after reading the text
and articles unless you engage with the company and Bill Stevenson on a proper
fee paying client/tax adviser basis.
WAMS Tax Ltd - Bill Stevenson - 07751720507
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