Our website uses cookies to store information on your computer. You may delete and block all cookies from this site, but parts of the site will not work as a result. Find out more about how we use cookies.
(Do not show this message again)
Shout99 - News matters for freelancers Advert
Search Shout99 - News matters for freelancers
(Advanced Search)
   Join Shout99  About Shout99   Sitemap   Contact Shout99 30th Jul 2014
Forgot your password?
Shout99 - Freelancers, FO35, Section 660
New Users Click Here
Shout99 - Freelancers, FO35, Section 660
Shout99 - Freelancers, FO35, Section 660
Front Page
News...
Freelancers' Shop...
Ask an Expert...
Letters
Direct Contracts
Press Links
Question Time
The Clubhouse
Conference Hall...
News from Partners
Accountants

Login
Sitemap

Business Links

Shout99 - Freelancers, FO35, Section 660

Freelancers' Shop

Personal Financial Services
from ContractorFinancials

Mortgages

Pensions

ISAs

Income protection

... and more special offers for Shout99 readers in the Freelancers' Shop

Shout99 - Freelancers, FO35, Section 660
  
Shout99 - Freelancers, FO35, Section 660

News for the
Construction Industry

Hardhatter.com - News for small businesses in the construction industry

Powered by
Powered by Novacaster
Advertisement
Shout99 Jobs

£1 million fines for promoters of tax planning schemes
by Susie Hughes at 06:49 11/07/14 (News on Business)
Full details of proposals to give HM Revenue and Customs powers to impose fines of up to £1 million on tax advisers have just been published,
They allow HMRC to force tax planning companies that they are monitoring to state on their website that they are being monitored by HMRC. They must also inform all present and prospective clients, through their marketing material and other communications to their clients, that they are being monitored by HMRC.

Those promoters of tax planning schemes must also issue their clients with a 'promoter reference number'. This promoter reference number must then be used by the clients of the tax scheme promoter on their tax returns and other material they send to HMRC.

If the tax adviser fails to do the above they can face fines of up to £1 million.

The proposed legislation will also make it a criminal offence for those tax advisers to dispose of relevant documents.

Out of business
International law firm, Pinsent Masons says that although HMRC will not issue a £1 million fine for a tax adviser’s first offence of promoting tax avoidance schemes they will be able to do so if they continue to promote tax planning schemes that HMRC views as avoidance and fail to meet the restrictions that HMRC places on their marketing.

Advertisement

Ray McCann, Partner of Pinsent Masons said: “HMRC would like to drive the providers of tax avoidance schemes out of business and they have already had success in this area with some of the more prominent promoters of tax schemes already having shut up shop.

“£1m fines are a sudden and unprecedented escalation of the sanctions that HMRC have against promoters of tax planning schemes and again makes clear the determination of the Government to prevent abusive tax schemes.

“These rules will very publicly stigmatise these tax advisers and mean that they will struggle to win new clients and carry on in business.

“Since HMRC will be able to apply these rules before any Tribunal or Court has considered the efficacy of the tax planning scheme being promoted the severity of the proposals will raise concerns about the infringement of human rights.”

Marketing
HMRC make it clear that these new rules will extend to accountants and lawyers who market tax planning schemes that HMRC deems to be tax avoidance schemes.

Ray McCann says that the proposed legislation will also put the clients of these tax advisers at a very significant disadvantage as HMRC will have a specially extended time period in which to investigate those clients.

Ray McCann also explains that, despite HMRC assurances, many advisers will be concerned that it will be easier to breach one or more of the proposed threshold conditions than HMRC say.

The proposals are included in the Finance Bill and are expected to become law this month.


--
If you wish to comment on this article, please log in and use the Reply button below. Registering is free and easy - see 'Join Shout99'.
-
Susie Hughes © Shout99 2014

View Comments (Flat Mode) Printer Version

Mail this to a friend
£1 million fines for promoters... Susie Hughes - 11/07
    Re: £1 million fines for promo... ability - 11/07
    Re: £1 million fines for promo... Tiger Aspect - 11/07
    Re: £1 million fines for promo... brianc - 12/07
       Re: £1 million fines for promo... ability - 14/07
          Re: £1 million fines for promo... brianc - 14/07
             Re: £1 million fines for promo... ability - 14/07
                Re: £1 million fines for promo... Wilberforce - 14/07
                   Re: £1 million fines for promo... ukmike8 - 14/07
                   Re: £1 million fines for promo... brianc - 14/07
                Re: £1 million fines for promo... brianc - 14/07
                   Re: £1 million fines for promo... ability - 14/07
                   Re: £1 million fines for promo... ukmike8 - 15/07
                      Re: £1 million fines for promo... ThePower - 15/07
                         Re: £1 million fines for promo... ukmike8 - 15/07
                            Re: £1 million fines for promo... ThePower - 15/07
                               Re: £1 million fines for promo... ukmike8 - 15/07
                                  Re: £1 million fines for promo... ThePower - 15/07

Copyright 1999-2012, Shout99.com | All Rights Reserved | Legal Notice
 

Advertisements
advert
advert
advert
advert