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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    Director

    John manages a wide portfolio of owner managed businesses and oversees the smooth operation of the firm’s payroll department.

    After obtaining his degree in mathematics from the University of Liverpool, John joined Jonathan Ford & Co in 2004 and qualified as a chartered accountant four years later. John likes to keep abreast of developments in tax and accounting and is responsible for the mentoring of junior staff.

    Outside of work, John enjoys powerlifting and is a Liverpool FC season ticket holder.

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