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Have you ever done anything you later regretted? Most of us have. Many of us have owned up, and been forgiven.
If you are unknown to the Inland Revenue, or you know that your Tax Returns do not show the true level of your taxable income, you may think that the Inland Revenue will never catch up with you, or you may wonder how to put things right.
Very few people who have been investigated, paid their back taxes, plus interest, plus penalties, think that evading tax is a good idea. Those who have been prosecuted for tax offences are even less likely to advocate tax evasion.
We summarise the difference between tax evasion and tax avoidance under tax planning.
The Inland Revenue put enormous resources into tracking down tax evaders. They are becoming good at it. Now that Self Assessment means they have less routine work to do, they have more time for making enquiries.
It may seem strange to invite trouble from the taxman, but a voluntary disclosure can be to everyone's advantage. The person coming clean improves their position to negotiate the tax lost, increases the mitigation for penalties, can avoid prosecution if handled correctly, legitimises their money, and can sleep easily at night.
As professional advisers, we have a duty of confidentiality to our clients. If we become aware of tax evasion we will not inform the Inland Revenue without our clients permission. If you have any matters of concern, we can discuss them with you, and advise on making a voluntary disclosure.
In serious cases our first objective would be to obtain protection from criminal prosecution, in less serious cases, it is to reduce the amount of money needed to obtain a settlement.
There is only one bite at this cherry. Any agreement would be cancelled if the actual facts differed from those disclosed.
If you regret the way your tax affairs have been handled, it is not for us to judge you, but we can help you obtain a settlement with the tax man.
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