Salhan Accountants is advising anyone worth more than £1 million to ensure that their tax affairs are in order after HM Revenue and Customs (HMRC) announced a fresh crackdown on tax avoidance among high net worth individuals.
Under new plans unveiled by Treasury Chief Secretary Danny Alexander, around 200,000 more people will be targeted by HMRC’s affluence unit, which was originally set up to scrutinise the affairs of those worth more than £2.5 million but is now turning its attention to those with assets and property worth more than £1 million.
Announcing the new crackdown at the start of the Liberal Democrats’ annual conference in Brighton, Mr Alexander said HMRC wanted to ‘sniff out’ those who were not paying their fair share of tax.
Anyone suspected of knowingly underpaying tax is likely to face an HMRC investigation. These investigations are typically carried out where HMRC believes it is has strong evidence of under-declared tax but is minded not to prosecute, provided the taxpayer co-operates with the investigation. In more serious cases, HMRC may decide to prosecute.
Madan Salhan, Managing Director of Salhan Accountants, said: “This crackdown is the latest in a number of recent campaigns by HMRC designed to target specific sectors or groups of people, with penalties for tax evasion now higher than ever.
“With this in mind, those with homes and assets worth more than £1 million should ensure that their tax affairs are in order before the taxman comes knocking at their door. At Salhan Accountants, we can help you meet your tax obligations while also helping you reduce your tax liability legitimately through effective tax planning.
“We can also help those who find themselves the subject of an HMRC tax investigation. Our dedicated Taxation-Investigation team is made up of experts with combined experience of more than 60 years. It also includes former HMRC staff, so we have a thorough understanding of HMRC and the way it works. This means that we are able to deal with matters quickly and cost effectively, liaising with HMRC on your behalf and delivering successful outcomes, including negotiating reduced financial penalties.
“As with any tax matter, it is important to act sooner rather than later, so if you fall into the above category, now is the time to seek professional advice to ensure your tax affairs are in order and take any action necessary.”
For further information on how Salhan Accountants’ Taxation-Investigation team can help, or for any other tax or accountancy related matter, please telephone 0121 607 1901 or visit www.salhanaccountants.co.uk or www.taxation-investigation.co.uk.