HMRC,tax,investigation,deal,wi business, insurance HMRC tax investigation - deal with Swiss tax authorities mig
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Against this background,tax avoidance and even tax evasion were considered fair game and sociallyacceptable. Having an offshore account was almost a status symbol.Nowadays, with a top rateof 45 %, income taxes are now considered reasonable and anyone blatantlyavoiding large amounts of tax is regarded as a bit of a pariah and someone whois not pulling his weight while everyone else does their bit to reduce thebudget deficit, so a HMRC tax investigation could then be commissioned.Riding the wave of thischange in sentiment, HMRC are cracking down hard on avoidance and evasion andeven getting major tax havens onside. The seemingly impregnable fortress of theserial tax avoider, Switzerland, with its strict banking secrecy laws, isfinally co-operating with the UK taxman.The countrys taxauthorities have agreed a deal with the UK Exchequer where, in exchange foracknowledging Swiss secrecy obligations, the Swiss banks will make adown-payment of half a billion Swiss Francs against liabilities as yetunidentified and will also make a levy of between 19% and 34% on capital heldin the banks as at 31st December 2012 to cover arrears of pastundeclared taxable income. The percentage paid by each UK taxpayer will dependon how long they have held their accounts.Interestingly, noretroactive levy will be made on any capital removed from Switzerland by May 31st2013.The situation regardingfunds remaining in Swiss banks on an ongoing basis is that UK taxpayers willhave a withholding tax deducted from their accounts on all income and gainswith 48% applied to income and 27% to capital gains. This money will be paid toHMRC tax investigators without the names of account holders being identified.For any UK taxpayer withundeclared money in a Swiss bank, there is one final alternative to not payingthe levy or moving the funds out of the country and that is to come clean anddisclose any accounts to the UK tax authorities. It remains to be seen how thisis going to work and what, if any, amnesty arrangements will apply.The resolute way in whichthese unprecedented measures have been effected underlines just how determinedthe new crackdown on tax avoidance really is. If you think there is a danger ofyour own personal affairs or your business coming under the microscope andbeing subject to a tax investigation, make sure you are ready to enlist thehelp of a top accountancy firm who will have specialists dealing with this sortof eventuality. Many of them will be ex HMRC staff who know how things workfrom the other side and should therefore be able to mitigate potential HMRCinvestigation problems.
HMRC,tax,investigation,deal,wi