Ten things HMRC says you need to know about tax avoidance
HMRC today issued a list of “10 things a tax avoidance scheme promoter won’t always tell you.”
The list sets out HMRC’s view of the risks faced when signing up to a tax avoidance scheme. These include not only the possible monetary costs and reputational damage of tax avoidance, but also a potential criminal conviction.
HMRC’s list of 10 things a promoter won’t always tell you are:
1. Most schemes don’t work.
2. It could cost you more than you bargained for.
3. You may have significant legal fees to pay,
4. You could face criminal conviction; if you deliberately mislead or conceal information from HMRC you could be prosecuted and convicted.
5. You could face publicity as a tax avoider
6. Your scheme is never HMRC approved.
7. You could be marked out as a high-risk taxpayer.
8. HMRC is likely to beat your scheme in court.
9. The risk is normally all your own.
10. You’ll have to pay the tax up front anyway.
I should point out these are HMRC’s published views, not necessarily mine.
Date: 27th November, 2014
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