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News – 02.12.24

2024 US tax year end planning for Americans in the UK

The 2023 US tax year ends on 31 December 2023, so now is a good time to consider whether there is anything that you can do to minimise your US tax exposure for 2023 and begin preparing for 2024. … Read more

Insight – 02.12.24

Budget 2024: Reform to the taxation of carried interest

Find out more about the changes coming for capital gains tax and carried interest. … Read more

Upcoming event – 10.12.24

Funding innovation in the technology sector: Are the government doing enough?

Join us for an exclusive roundtable breakfast to explore the question of whether the government are doing enough to support innovation in the technology sector. … Read more

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Avoid HMRC tax investigations

Mark Taylor, Head of Tax Investigations at Buzzacott, talks about avoiding HMRC tax investigations by mindful use of social media, accurate tax return submissions, and explaining inconsistencies.

Ensure accuracy

Be aware of social media

Whatever you post, whether it be on your Facebook page, Twitter, a forum, or any internet site, that information is available to HMRC and they will look at these sources for information to check your tax return.

Ensure accuracy

One of your obligations is to ensure that your tax return is accurate and complete. HMRC is alerted to various entries in your tax return such as rounded amounts or what HMRC suspects are estimated amounts as they will then believe that your record-keeping is not being complete.

Use the white box

Use the "white box"

If there are any year on year inconsistencies or variances in your tax returns, for example, if you have lived off non-taxable incomes one year or there's been a change in your business performance such as your gross profit rates, you should make entries in your additional information box, also known as the white box, to explain this. That way, when HMRC risk assesses your return, you will have made this situation aware to them.

Get help today

Call us today on +44 (0)20 7710 3389 or fill in the form below and a member of our team will be in touch. All communications are in the strictest confidence.