Tax health checks and disclosures

Getting your relationship with HM Revenue & Customs (HMRC) in good shape

HMRC and other tax authorities across the world are increasing their focus on the tax gap and putting tax transparency at the top of their agenda.  You are being encouraged to make sure you are completely tax compliant and if not, to tell HMRC or face the increasingly severe consequences.  

Whether you need someone to review you tax position, make a voluntary disclosure, help you through an investigation or support you in the event that criminal charges are threatened, we can help.

  Tax health check Disclose if necessary
Why Check?

Those with complex international tax affairs, are being invited to review their affairs and tell HMRC of any mistakes if necessary.

Many people are responding, prompted by:

  • Automatic exchange of financial information between countries
  • Introduction of registers for beneficial owner of company and trusts including settlors and beneficiaries
  • HMRC’s ability to collect and handle large amounts of data via ‘Connect’ e.g. property ownership
  • Increased tax related penalties for offshore offences
  • Reputational damage if HMRC name and shame you
  • HMRC’s aim to increase the number of prosecutions
  • Change in law to make it easier for HMRC to prosecute

There are several ways to approach HMRC if you have something to put right:

  • Current mechanisms
  • Relevant campaigns
  • Contractual Disclosure Facility (Code of Practice 9)
  • New Disclosure Facility (from Summer 2016)
How PwC can help?
  • We check that your tax affairs are in the best shape
  • We identify opportunities to save tax and associated costs
  • We identify risk areas based on our experience
  • We prepare a risk assessment and provide understanding of where there may be issues
  • Our flexible approach allows us to review files onsite if required
  • We identify the most appropriate and cost effective way of disclosing
  • We have a strong understanding of how HMRC work
  • Very high first time acceptance from HMRC

For details on any of these approaches, please contact us.

Our reviews have led to many clients understanding and simplifying their tax affairs.