The survey also discovered that there has been a significant rise in voluntary disclosures. This concludes that some parts of HMRC’s tax disclosure schemes are working effectively.
However, there are still many areas that require further improvement, particularly in the area of fully explaining the disclosure facilities available to UK taxpayers.
20% of accountants were also totally oblivious to the Isle of Man and Channel Island disclosure facilities and just 23% stated that they have full awareness of these facilities and how these can benefit a taxpayer who needs to make a disclosure.
Furthermore, only 16% of respondents have experienced a tax fraud investigation under the Contractual Disclosure Facility; HMRC’s standard practice for investigating fraud.
Whilst the rise in voluntary disclosures proves that these processes are an effective way of encouraging taxpayers to confess their misdemeanours, there is still a distinct lack of understanding from accountants and tax advisors.
This is worrying.
Many businesses and individuals can become the victims of bad advice or complete ignorance.
This is where KinsellaTax are here to help accountants and tax advisors.
Not only do we fully understand the stress and worry caused by tax investigations, we are able to provide your clients with the most recent and useful information on the disclosure facilities available to them.
We deal purely with tax investigations so you can be rest assured that we are not in the market to take your clients from you. We aim to become an extension of your firm; not a competitor.
Act now. Pass all the worry and stress of a tax investigation over to KinsellaTax today. We offer a nationwide service and can be contacted anytime for tax investigation advice 24 hours a day, 7 days per week…even on Sundays!