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| Tax Hints & Alerts |
Watch out HMRC May have checked your credit report when reviewing your
case (for enquiry and/or arrears action). Are you about to get a letter or are
you just in arrears? Phone Bill if you have been credit searched by HMRC.
At present HMRC are targetting - amongst ongoing projects
(1) Ebay & Paypal traders - Internet advertisers
(2) Restaurants from May 2011 Special Projects - Cash Trades
(3)Buy-to-Let Landlords -even for omitted housing benefits and
don't forget those omitted capital gains when you sell where lack of
planning can cost you many £1,000s
(4)Offshore Bank accounts intitiatives-
New Offshore Disclosure - "NDO" scheme was in the Autumn of 2009 - you
needed 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 also
possible traps anmd recent tightening of rules
Tutor & Coaching Income - All tutors & coaches - and anybody with a disclosure
to make - advise by 6 January 2012
Plumbers & Heating Services - by August 2011
The HEALTH PLAN "THP" - Medical professionals disclosure opportunity - you
needed to register by 31st March 2010 and complete by 30 June 2010. If you
missed it get reliable help - call Bill anytime on 07751 720507
Swiss bank accounts & tax evasion - two prosecuted and released on bail
- keep up to date with the news on WAMS Tax Ltd and details will be posted
as soon as they are published - see re Plumbers & Heating Industry
(5) Company Investigations from an Employer Compliance visit or
Compliance Check
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 so it can pay to lodge a provisional return with your best
estimate of the source (but remember to tick the provisional box) if you are waiting
on exact and final information . 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 and there is no use blaming HMRC for not giving you the UTR in
time as you should have dealt with it in good time they will say
(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 then 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 last tax amnesty started on ended in June 2010
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 (if you were in the frame for it) and HMRC may
settle for money with my negotiating skills.
Tax enquiry advice given on advantages of going forward with an amnesty or
otherwise. Bill of WAMS Tax Ltd is here to help - ring 07751 720 507.
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. See what HMRC say about your problem here
They liked it that much they brought in retrospective legislation!!!
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
Phone Bill on 07751720507
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 (or refrain
from taking) 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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case (for enquiry and/or arrears action). Are you about to get a letter or are
you just in arrears? Phone Bill if you have been credit searched by HMRC.
At present HMRC are targetting - amongst ongoing projects
(1) Ebay & Paypal traders - Internet advertisers
(2) Restaurants from May 2011 Special Projects - Cash Trades
(3)Buy-to-Let Landlords -even for omitted housing benefits and
don't forget those omitted capital gains when you sell where lack of
planning can cost you many £1,000s
(4)Offshore Bank accounts intitiatives-
New Offshore Disclosure - "NDO" scheme was in the Autumn of 2009 - you
needed 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 also
possible traps anmd recent tightening of rules
Tutor & Coaching Income - All tutors & coaches - and anybody with a disclosure
to make - advise by 6 January 2012
Plumbers & Heating Services - by August 2011
The HEALTH PLAN "THP" - Medical professionals disclosure opportunity - you
needed to register by 31st March 2010 and complete by 30 June 2010. If you
missed it get reliable help - call Bill anytime on 07751 720507
Swiss bank accounts & tax evasion - two prosecuted and released on bail
- keep up to date with the news on WAMS Tax Ltd and details will be posted
as soon as they are published - see re Plumbers & Heating Industry
(5) Company Investigations from an Employer Compliance visit or
Compliance Check
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 so it can pay to lodge a provisional return with your best
estimate of the source (but remember to tick the provisional box) if you are waiting
on exact and final information . 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 and there is no use blaming HMRC for not giving you the UTR in
time as you should have dealt with it in good time they will say
(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 then 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 last tax amnesty started on ended in June 2010
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 (if you were in the frame for it) and HMRC may
settle for money with my negotiating skills.
Tax enquiry advice given on advantages of going forward with an amnesty or
otherwise. Bill of WAMS Tax Ltd is here to help - ring 07751 720 507.
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. See what HMRC say about your problem here
They liked it that much they brought in retrospective legislation!!!
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
Phone Bill on 07751720507
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 (or refrain
from taking) 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 Senior 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 companies as he spent 41+ years successfully investigating them for HMRC. No problem is too small (if it is causing you stress) nor is any enquiry too large or complex. Get solid experience & secrets to help you |
No responsibility can be taken for any actions that the reader decides to take (or refrain from taking) after
reading the text and articles unless you engage with the company and Bill Stevenson on a proper fee paying
client/tax adviser basis. The comments on the site are for information only and are not advice which requires a
comprehensive one to one client/adviser relationship to be started.
WAMS Tax Ltd - Bill Stevenson - 07751720507
reading the text and articles unless you engage with the company and Bill Stevenson on a proper fee paying
client/tax adviser basis. The comments on the site are for information only and are not advice which requires a
comprehensive one to one client/adviser relationship to be started.
WAMS Tax Ltd - Bill Stevenson - 07751720507