Tax evasion is now major business for HMRC which makes sense when every pound counts. Non-reporting of global income for UK residents, and certain areas of investment proceeds, for example, property profits in the UK for nonresidents, are areas which comes under special scrutiny and will inevitably continue to be so. international jurisdictions.
This will not always be because they are inefficient by any means but because trading volumes will be insufficient to cover fixed costs, such as rents and arguably wages.
The implications are such that a creditor may be able to put the company into liquidation.
Sound legal advice is recommended with help pulling together the cash flow statements and assessing the balance sheet.
The legal requirements of a director of a company are onerous and become more so when trading conditions start to point towards this action.
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