Hogan Brown - CharteredOne
The quarterlybulletin of the Liverpool Society of Chartered Accountants
Possibly two of the biggest Hot Topics at the moment with HMRC are Marketed Avoidance Schemes and the effects of the Foreign Account Tax Compliance Act (FATCA).
With regard to Avoidance Schemes, in addition to registering returns for investigation and raising determinations, HMRC are in the process of issuing accelerated payment notices for 2013-2014.
As you will no doubt be aware, dear reader, there are no grounds to appeal against a correctly issued APN, although if the estimated tax is incorrect representations can be made to have the figures amended.
We are aware that this is causing problems not only in respect of the payment of the tax charged on the APN, but also when clients have issues in relation to schemes in earlier, and indeed subsequent tax years.
We have links with tax experts and insolvency practitioners who can guide you through this minefield and achieve the most favourable outcome for you.
Turning to FATCA the UK has entered into agreements with Crown dependencies, and overseas territories for automatic disclosure of information in respect of UK residents holding assets offshore.
This affects accounts and assets held on or after the 30th June 2014 and the initial exchange of information is the 30th September 2016. It is clear that there is only a small window of opportunity in which clients who hold offshore assets (including bank accounts etc) can review their tax affairs, and begin the process of resolving any irregularities before HMRC begins an intrusive investigation.
It would be wise for anyone with offshore assets to undertake a “health check” in order to decide how to structure their affairs and to make any disclosure to HMRC in a controlled and effective manner.
Once again we can help with these complicated issues and help to minimise the stress and the other complications which will no doubt ensue over the next weeks and months.
We give clear advice in a legally privileged environment with a competitive fee structure (and fxed-fee arrangements if required).
View the full article here: Liverpool Society of Chartered Accountants Magazine Summer 2016 Issue.