The Bedrock team have considerable experience of managing disclosures to HMRC and recently manged the process for a client who wanted to disclose off-shore income and bank interest to HMRC. With the team’s support the client was able to reach final settlement that was, including tax, interest and penalties, significantly less than expected.
As is often the case in this type of situation the client was nervous of approaching HMRC direct, though he was keen to ensure his tax affairs were in order and up-to-date. His accountant, having initially looked into his client’s situation, felt it was more appropriate to bring in the Bedrock team as the issues were complex and it was likely that a negotiation with HMRC would be required and the accountant had no experience of this.
One of the benefits for accountants of working with Bedrock is that we help them by providing tax expertise that they don’t have in-house in a way that doesn’t threaten their client base. Bedrock specialises in tax and doesn’t offer accountancy, audit or compliance services and respects the trusted adviser relationship between client and accountant.
Bedrock contacted HMRC, initially on a no-names basis, to establish whether there was a technical position which required a disclosure to made through the off-shore disclosure facility. On establishing there was we submitted the disclosure for the client and ultimately settled the case with HMRC. You can read more about this client’s experience of using Bedrock to make a disclosure to HMRC here.
It’s worth noting that under the new Requirement to Correct legislation if this client had not already made this disclosure he would have needed to register to do so by 30 September 2018 otherwise he could have been liable to a penalty of up to 200% of the tax liability.
Get in touch today if you’d like to discuss how we can help with making disclosures to HMRC or read more about the Requirement to Correct here.