An asset that has highly appreciated and owned in joint names can cause a challenge when it comes to IHT planning. Here we take a look at some careful IHT planning we assisted a client with in relation to a jointly owned asset.
Navigating HMRC Fraud Investigation and Securing Compliance
HMRC Investigation
We were approached by an individual who was struggling to find an adviser to help them after receiving a letter of enquiry from the HMRC Fraud Investigation Service.
The individual was at risk of criminal prosecution due to issues with their tax affairs.
Task
The task was to inspect the client’s tax affairs, communicate with HMRC to protect the client from criminal charges, identify any underdeclared tax amounts, and implement tax planning steps to mitigate future tax liabilities and risks.
What did we do?
Inspection and Communication
- Quickly reviewed the client’s tax affairs under question.
- Contacted the HMRC officer handling the case to discuss a potential resolution.
Securing COP9 Treatment
- Successfully negotiated COP9 treatment for the investigation, ensuring the client was protected from criminal charges.
Ongoing Assistance and Tax Planning
- Identified underdeclared tax amounts and implemented active tax planning steps to reduce the client’s future tax liabilities and risks.
- Ongoing support to negotiate a final settlement with HMRC, aiming for the lowest possible penalty implications.
Result
Protection from Criminal Charges
Secured COP9 treatment, protecting the client from criminal prosecution.
Identification and Mitigation of Tax Issues
Accurately identified underdeclared tax amounts and took steps to address them.
Strategic Tax Planning
Implemented tax planning strategies to reduce future liabilities and risks.
Negotiation for Reduced Penalties
Currently negotiating with HMRC to achieve a final settlement with minimised penalties.
Summary
Using our ability to understand, navigate and address serious tax issues, we have been able to protect our client from criminal prosecution, and provide ongoing support to ensure compliance and reduce future tax risks.
Through strategic planning and effective negotiation, we are able to help clients navigate complex tax investigations and secure favourable outcomes.
Getting in touch with us
If you would like to talk to us about a HMRC letter or if you are concerned about an investigation please take the next step and request a call back or call us on 01634 731390
Our services
If you would like to find out more about some of our services that might help you please take a look at our related pages:
