People always look for ways to avoid taxes. But, sadly, some take the wrong route of hiding their income or money overseas simply to evade tax. For tackling such activities, HM Revenue & Customs (HMRC) gave chances to tax evaders to come forward and regularise their affairs in the past.
This approach of HMRC is no longer available and HMRC has introduced a new regime for the tax evasion. According to this new regime, there are four consultations which include:
- A new criminal offence is issued for offshore evasion. This means it is not possible to plead ignorance as an attempt for avoiding criminal prosecution anymore.
- The financial penalties for the tax evaders will be tougher than before.
- A new civil penalty will be issued to those who enable tax evasion. Thus, whoever helping the tax evader will also face the same penalty as them.
- There will be publicly naming of both tax evaders and those who enable evasion.
Even though the HMRC has been successful in collecting taxes from the undisclosed offshore income over the years, they hope to control the offshore tax evasion more in the future with the help of this new regime.
Tax evasion is a crime that robs the Government of the funds which are ultimately utilised in the public services. This is why every taxpayer should pay the right amount of taxes in the right time and ensure never to make an attempt to dodge any tax responsibilities.
If you want to discuss anything regarding to the tax evasion, get in touch with Harley Street Accountants now.
About Harley Street Accountants
We are leading firm with a group of experienced tax accountants in London, UK specialising in a wide range of areas like accounting, tax, VAT, financial planning, and audit especially for the medical professionals. For more details, email at info@harleystreetaccountants.co.uk or call at 020 7060 9556.
