Our Top tips on making tax disclosures

Always take professional advice before making a disclosure:

  • Check whether any of HMRC's open or past Disclosure Opportunities are relevant to your situation.
  • You may well be able to limit the period for which you make a disclosure. This depends on the facts of the case and how they interact with the legislation.
  • You may have a large range of tax deductible expenses and items on which you may claim Capital Allowances, you will need to know what to claim, and whether in some situations you may claim a proportion of certain expenses.
  • If you are correcting returns already submitted you may be prevented to making some changes due to the operation of Overpayment Relief.
  • You will need to consider HMRC's powers of discovery when you make changes to previously submitted returns and understand HMRC's approach on the "presumption of continuity".
  • You may need to consider what basis of accounting to use from 6 April 2013.
  • You will need to consider the rules on Penalties which may be different if you have used one of HMRC's promoted disclosure opportunites, and how they affect your case.
  • You may be able to make a time to pay agreement in respect of tax areas and you need to address this issue from the outset. HMRC's debt management section has a history of bad communication with its other areas within HMRC and this has the potential to waste a huge amount of everyone's time.

If you need assistance or investigation support contact us.

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