If you find yourself unable to sleep at night due to unresolved tax problems, then it may that you need to consider making an HMRC voluntary disclosure. However, before deciding whether or not the HMRC voluntary disclosure process is right for you, it would seem sensible to arm you with some relevant information.

IS AN HMRC VOLUNTARY DISCLOSURE RIGHT FOR ME?

Firstly what are the nature of your concerns? Do you have a previously undisclosed source of income for example? Have you over claimed expenses relative to your business? Have you returned all of your income to HMRC? These are all key questions you should be asking yourself before deciding if the HMRC voluntary disclosure process is right for you. The most common type of HMRC voluntary disclosure cases we come across involve undisclosed income. Undisclosed rental income being the most prevalent in recent times, given the publicity afforded this by HMRC. However any failure to notify HMRC changeability is treated as an offense under the Taxes Act. So if you have any source of taxable unknown to the taxman then a HMRC voluntary disclosure is definitely right for you.

E-TRADING AND THE HMRC VOLUNTARY DISCLOSURE PROCESS

E trading has come very much under HMRC scrutiny in recent years, with an increased use of very sophisticated internet tracking technology. We have written a comprehensive article on E trading and the risk of tax investigation, which can found by visiting the link below. If you are trading in any way on the internet and have not notified HMRC, then you should certainly be looking to come forward. An HMRC voluntary disclosure will save you the time and money associated with a full blow tax investigation.

THE BENEFITS OF MAKING AN HMRC VOLUNTARY DISCLOSURE

Making an HMRC voluntary disclosure has several clear benefits if it is done properly. It is vitally important that any disclosure made is full and comprehensive. Half truths or misinformation will only result in a prolonged and expensive HMRC intervention.

You can read more detailed information on the benefits of making on HMRC voluntary disclosure by visiting the comprehensive guidance below:

  • HMRC Voluntary Disclosure guide
  • HMRC Voluntary Disclosure service

As with all forms of compliance contact, your HMRC voluntary disclosure should be handled by an experienced tax investigation specialist. There are many benefits to dealing with a specialist in this area which we explore in greater detail in our blog below.

Why should I appoint a tax investigation specialist?

If you have any question regarding making an HMRC voluntary disclosure, then please call our free tax investigation advice line on 0330 999 5000.