November 10th, 2014HMRC Release 10 Things You Need to Know About Tax Avoidance
HMRC has published a list of 10 things you need to know about tax avoidance – setting out the risks run by users of tax avoidance schemes.
The ten things listed are:
Schemes usually won’t workCosts may be greater than anticipatedThere may also be substantial legal feesUsers could face criminal sanctions and convictionUsers could face publicity as a tax avoiderSchemes are never HMRC approvedUsers could be listed as a high risk taxpayerSchemes are likely to fail if challenged in the courtsThe user usually bears the riskAny potential tax saving won’t even reduce the immediate tax billYou should note that this is just HMRC’s view and there are still tax planning schemes which can be used to reduce tax bills. However, HMRC are right to point out that unscrupulous advisers will often neglect to tell their clients of the considerable risks that can come with aggressive tax planning.
For simple, legitimate and good advice on mitigating your tax bill please call us on 0151 426 4512 or email us.
