The idea behind the new measures is that they will create a level playing field for individuals and business taxpayers who pay their due taxes. The penalty regime is aimed at dissuading accountants, bankers, lawyers and other advisers from enabling their clients to make offshore arrangements for tax evasion purposes.
The tough new sanctions mean that individuals, companies or corporate bodies who take deliberate action to help others evade paying tax will face fines of up to 100% of the tax they helped evade or £3,000, whichever is highest. HMRC also now have powers to publicly name enablers.
HMRC are also introducing a new requirement to correct past tax evasion, meaning anyone who has failed to correct past evaded taxes by 30 September 2018 will be hit with tough new penalties.
If you need assistance with settling any outstanding tax payments with HMRC get in touch today, we can help you negotiate, particularly in relation to ‘time to pay’ agreements.
