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Where Taxpayers and Advisers Meet

Tax inspection - Early Settlement

Posts: 5
Joined: Wed Aug 06, 2008 3:01 pm

Postby clifftopcharlie@hotm » Sun Mar 30, 2003 11:19 pm

During the course of an Inland Revenue tax inspection, are you at liberty to make an offer to pay tax on undeclared cash earnings in return for an end to the inspection. Does anyone know if this has or can take place. If such an offer was made and rejected would penalty charges be higher.

Thank you.

Posts: 1019
Joined: Wed Aug 06, 2008 3:23 pm

Postby deanshepherd » Sun Apr 17, 2005 6:07 am

You can negotiate an early end to an enquiry but I would wait to see what the Inland Revenue believe your cash earnings were before providing them with a figure as they will almost certainly wish to increase any figure you give them (for obvious reasons!!).

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