Postby Ian McTernan CTA » Thu Dec 03, 2015 12:10 pm
Here's a typical problem. I deal with voluntary disclosures and enquiries and even take these on from other firms (or advise, as required).
The biggest mistake anyone makes is assuming they don't need help BEFORE they make the declaration, end up in a big mess, and then seek advice- by which time it may be way too late.
My advice is always seek proper specialist investigation/disclosure/whatever advice before any contact with HMRC whatsoever.
Presentation of the facts (whether by letter or disclosure facility or by Tax Return, etc) is key in these cases- the level of penalties can end up way higher where the taxpayer says to HMRC 'yeah I couldn't give a stuff and thought I could get away with it' whereas the facts are he/she suffers from Tourets syndrome, wife/husband left, deaths in family, etc and penalties can be negotiated down.
Losses in some years can also play an important part in property cases (more likely in earlier years and when interest rates were higher)- HMRC might cherry pick and say 'last three years' as they can see profits for those years and losses prior to that.
Not declaring isn't an option (well, it is, but not a legal one, and usually you end up worse off in the end).