In 2015 the HMRC set in motion a plan to recover more than £ 7 billion from tax evasion and non-compliance over a period of five years and had earmarked £ 800 million for this. This effectively means that the HMRC is going all out to unearth information about tax evasion or non-compliance. With multiple tools and processes at its disposal, chances are that violations and discrepancies will easily be red flagged, resulting in an enquiry or investigation. Here is how you can deal with it professionally, without letting it impact your business.
The HMRC’s request for information or a meeting in pursuance of an enquiry or investigation can be faced with the assistance of a qualified taxation specialist. The specialist or team of specialists will act on your behalf by responding and presenting information sought from you by HMRC. This way, you will be submitting the right information without creating confusion, or suspicions.
The outcomes of any enquiry or investigation are bound to be either a determination of a violation or proof of no wrongdoing. In the event of proof of violation, it is possible to escape a stiff penalty, by negotiating with the HMRC – by submitting proof of right intent, and by co-operating in the enquiry. In the case of proving that there had been no wrongdoing on your part, you will not have to part with any penalty or surcharge.
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A method of redistribution of income among families that earn lower incomes and with children has been in force for long, known as Tax Credits. A large number of eligible families seem to be unaware of all the provisions under Tax Credits to legally receive assistance. If you happen to be below the poverty line or require assistance with child tax credits here is what you need to know.
If your family income is less than £ 19,000 annually, you are eligible to receive assistance through working tax credits. And if you are a family with children and earn less than £ 40,000 annually, you can be eligible for child tax credits. To be able to receive working tax credits, you need to be working, whereas for receiving child tax credits you can either be in work or out of work.
Child tax credits work out to assistance of £ 545 per annum, in addition to assistance upto a maximum amount of £ 2,780 for every child. In the case of working tax credits, the assistance is upwards of £ 1,960 per annum. This will help families tide over crises, in meeting urgent expenses.
To be eligible to receive the assistance, you need to fulfill certain criteria such as minimum number of hours of work per week, age of dependent child, your age, your parental status and payments towards approved childcare services. Subject to meeting all requirements, you will be eligible to receive the assistance.
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