The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
Require to you pay the tax you’re trying to avoid upfront You may receive a tax bill called an accelerated payment notice . This is a requirement to pay the full amount of tax or National Insurance contributions HMRC calculates as being due, upfront and within 90 days. Take legal action You may end up in court if you don’t pay the tax and National Insurance contributions you owe. HMRC wins around 8 out of 10 avoidance cases heard in court. If you lose you could face life-changing bills, with legal costs on top of the tax you owe, penalties and growing interest.
Treat you as a high-risk taxpayer This means HMRC will closely scrutinise all of your tax affairs in future, not just your use of the avoidance scheme.
If you think you might be in a scheme HMRC has dedicated teams to help you pay what you owe to settle your tax affairs. The earlier you contact HMRC, the less interest you’ll pay. Contact HMRC to settle your tax affairs on: Telephone: 03000 530 435 Email: exitsteam.counteravoidance@hmrc.gsi.gov.uk If you’ve been given a Scheme Reference Number You must tell HMRC about schemes that fall within the disclosure rules. If you don’t you could be liable to a penalty up to £5,000.
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New legislation to attack criminal finances 20 October 2016
Law enforcement agencies will be given new powers to seize the proceeds of crime and demand criminals explain the origins of their wealth under the Criminal Finances Bill.
The Criminal Finances Bill will also strengthen the partnership between the public and private sectors, boosting the fight against illegal activity.
Among the measures being introduced are unexplained wealth orders, which will force those suspected of serious crime to explain where their wealth has come from, or risk having it seized.
These orders will improve the recovery of illicit funds and prevent the UK being used as a safe haven for the proceeds of international corruption. Criminals will no longer be able to keep their ill-gotten gains out of the reach of law enforcement by hiding them in assets which officers currently cannot seize.
Criminals exploit financial transactions and in an ever growing digital world they continually try to find new ways in which money can enter and leave the economy looking legitimate.
Reforms are needed to protect individual victims and the economy. The Criminal Finances Bill provides an opportunity for the public and private sectors to get ahead of the criminals and clamp down further on money laundering and corruption.
Key measures within the legislation include:
Unexplained wealth orders, which will require an individual suspected of serious criminality to explain the origins of their wealth or face civil recovery action. Law enforcement agencies will apply to the High Court for permission to put an order in place. The creation of seizure and forfeiture powers, enabling the forfeiture of money stored in bank accounts as well as precious metals and stones and a range of other items. There must be reasonable suspicion that the property is either the proceeds of crime, or that it is intended for use in unlawful conduct. A provision to allow the sharing of information, such as data on financial transactions, between regulated bodies, improving the use of public and private sector resources in combating money laundering.
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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