November 10th, 2014

HMRC 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 work
  • Costs may be greater than anticipated
  • There may also be substantial legal fees
  • Users could face criminal sanctions and conviction
  • Users could face publicity as a tax avoider
  • Schemes are never HMRC approved
  • Users could be listed as a high risk taxpayer
  • Schemes are likely to fail if challenged in the courts
  • The user usually bears the risk
  • Any potential tax saving won’t even reduce the immediate tax bill
  • You 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.

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    Managing Director

    Jonathan trained as a chartered accountant with Price Waterhouse (now PWC) in Liverpool before becoming a small business services manager for Grant Thornton in Warrington. He also spent three years as the financial controller for Brookside and Hollyoaks (not that he ever mentions it!).

    Jonathan is recognised as a specialist in the entertainment industry and is often called upon to provide training courses and seminars for media professionals. He's also a bit of a technology geek and has been recognised with the accountancy industry as one of the most progressive accountants in the UK.
    Outside of work Jonathan is very proud to be the Treasurer of the Tim Parry Johnathan Ball Foundation for Peace and to be on the Council of the Liverpool Institute of Performing Arts (LIPA)

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