Voluntary Disclosures in West Midlands Rectifying Mistakes - making a Voluntary Disclosure Sometimes businesses, or individuals, discover that, for one reason or another, a mistake has been made and there is an underpayment of tax, PAYE/NIC or VAT and corresponding errors in the returns they have submitted to HMRC. The underlying reasons for the errors could range from a simple mistake to flaws in business records to a manipulation of profits or a fraud perpetrated against a business.
HMRC information powers and the current penalty regime provide the ability for HMRC to obtain information and then heavily penalise anything other than a genuine mistake in your tax affairs. HMRC recognises the value of making a voluntary disclosure and owning up to mistakes before being challenged by HMRC.
About Voluntary Disclosures Of course securing civil treatment by HMRC also reduces the threat of a prosecution and the associated stress and worry involved is a primary benefit of making a voluntary disclosure rather than waiting for HMRC to come to you. In more serious cases this can be by way of the new Contractual Disclosure Facility (CDF) where we can request this process to secure protection from prosecution. Similar processes are made available by HMRC from time to time on an industry specific initiative.
There are many benefits to making a properly managed disclosure. Our specialists can assess the right path to take and make contact with HMRC on your behalf. This process must be managed correctly; depending on the level of the potential tax loss we can make contact with HMRC at the right level and in the right way. Our thorough understanding of HMRC's processes, information powers and the interaction with penalty mitigation is essential.
You may be concerned about how HMRC will view the matter, especially if the tax involved covers several years. This is why there remain many pitfalls for the inexperienced; however properly managed there are opportunities to obtain a speedier resolution and significant reductions in penalties.
We have very considerable experience in dealing with these matters both from within the Revenue and from the Profession. We can assess and then manage the disclosure process on your behalf; reducing the need for you to be interviewed by HMRC officers as much as possible and controlling the flow of information and documents.
Contact us For a confidential, no commitment discussion about your concerns, please call us on 01283 761 777 or us our on site contact form .