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How do I know if I am under Investigation ?If you are formally under investigation the Inland Revenue will have written to you (and to your accountant if you have one) to put you on notice of the investigation and to detail the information they require and the timescale within which they expect a reply. You need to take immediate expert advice at this stage as it can save a lot of subsequent heartache. In serious investigations you may be invited to interview by Special Compliance Office and you definitely need clear advice before attending -- click the link to see our article on this subject. Otherwise, if the Inland Revenue are simply gathering information prior to an investigation, there is virtually no way of knowing that the process is under way. Back to Top
Where can I find detailed info of Inland Revenue Rules ?On the Inland Revenue Website www.inlandrevenue.gov.uk Back to Top
What are the odds on being caught if I fiddle ?The simple answer is ‘much better than winning the lottery’. Equally, the bigger the fiddle the easier it is to spot -- a classic example is progressively under-stating income and so depressing profits until such time as a new mortgage is required when profits miraculously improve to support the mortgage application. Inland Revenue profiling techniques pick this up on a regular basis. Back to Top
I live rent free in a home owned by an offshore company. Are there any tax consequences?Until recently this was fertile ground for arguments between tax consultants and the Inland Revenue. However following the decision in a recent tax case the likelihood is that the occupant will be assessed to a benefit in kind on the occupancy. This can however be avoided. Back to Top
I am about to make a large capital gain and have been told I can buy into a trust with Capital Gains Tax losses and utilize these losses to offset my gain.Another popular area for argument but the Chancellor in his budget of March 21st 2000 has now put a stop to it. There are, however, alternatives. Back to Top
My employer has given me the option of a car or cash. I travel approximately 10,000 business miles per annum. Which should I take?The way in which company car benefits are taxed is about to change. From April 2002 benefits will be calculated on the emission efficiency and the original cost of the car. The business mileage of the car will no longer be relevant. Therefore if you have a choice in the matter you will pay less tax by having a more emission-efficient vehicle. One other point to bear in mind however is that you only pay tax on the benefit of the car. Having the employer supply the car removes the worry about replacement cost, repairs, servicing etc. Do not let arguments about what is best from the tax efficiency point of view cloud this issue. Back to Top
After submitting my Tax Return when can I finally relax?
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I have received some money from an individual, and am not sure if it is a gift. What should I do when completing my Tax Return?The only sure way is to disclose in your Tax Return all the information regarding the item. This can be entered in "the white space" provided. Back to Top
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