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14th November 2012

Undeclared income: how to get yourself out of a tax nightmare

Last year, Her Majesty’s Revenue & Customs (HMRC) clawed back a mind-boggling £21 billion from would-be tax evaders and avoiders. This represents a steep jump from previous years and sends a strong signal to those who are trying to avoid paying their fair share of tax in the UK. The message is definitely ‘We will find you’ for those who are not playing fair with taxable income. HMRC have even set up a new website, which is being widely advertised at time of writing, aimed at exactly those people. They are not quite offering an amnesty but the site, and links from it, give you the distinct impression that it’s better to voluntarily disclose undeclared income – and even actual tax fraud – than it would be to hide away and wait for them to eventually come knocking on your door, bearing in mind the technological advances and extra staff at their disposal in recent times. In the case of voluntarily admitting to tax fraud, there is even an option of signing what’s known as a CDF contract with HMRC, whereby you make certain promises and take certain actions in exchange for HMRC promising not to criminally prosecute you for the fraud in question. So there is a definite, large incentive to come clean before you are actually caught!

Guy Bridger is in a prime position to help anyone concerned about their tax situation as he specialises in the more messy tax scenarios and can help out in a clear, focused, professional way — after all, he deals with HMRC every single working day on behalf of his many, many private and business clients. Guy can be contacted on  07766 495 871 or email guybridger[at]gmail.com

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