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 non-residents, are areas which comes under special scrutiny and will inevitably continue to be so. international jurisdictions.
An HMRC tax investigation can be daunting even for experienced businessmen and women, investors and family tax offices. The news that financial affairs, current or historic, are being looked at or worst, allegations of tax evasion have reached serious proportions, is particularly unwelcome.
Loopholes and sloppy HMRC tax investigations are coming to an end and good legal advice, at the earliest opportunity, as well as tax advice itself is essential.