What are HMRC Campaigns?
From time to time, HM Revenue & Customs (HMRC) will run campaigns to provide taxpayers with an opportunity to put their past tax affairs in order. Beneficial terms will be offered to provide an incentive for taxpayers to come forward.
Under a campaign, HMRC will:
- identify a particular group to target
- identify information and intelligence that can be used to encourage and influence that group to come forward
- follow up with a programme of action, that can include criminal investigations, aimed at those who choose not to pay up
How long do they last for?
All campaigns operate for a limited amount of time after which HMRC will clamp down on those who have failed to respond. Any taxpayer who believes that a future campaign may apply to them or wants to make a Voluntary Disclosure now should seek professional advice.
HMRC are currently running their “Property Sales Campaign”, available to taxpayers who have sold a residential property either in the UK or abroad that is not their main home and have not notified HMRC.
HMRC have postponed the Trades Sweep Up campaign that was due to commence in December 2012 in order to capitalise on their experiences from the various campaigns over the previous 12 months.
What happens next?
Following the conclusion of a particular campaign, HMRC will use its legal powers to obtain information from an number of sources and will use this data to identify eligible taxpayers who have failed to come forward. Taxpayers who were eligible to declare unpaid tax through a campaign but chose not to may face criminal prosecution if discovered.
How we can help
We can assist you in making a full and complete Disclosure and thereby avoid any risk of prosecution. We will establish all the relevant facts and negotiate any settlement of tax, interest and penalties with HMRC.
If you wish to discuss this or any other matter with a member of the team, please contact us.