Publishing the details of deliberate defaulters

Produced by Tolley in association with

Owner-Managed Businesses

Guidance

Introduction

A more aggressive stance is being adopted by HMRC towards those individuals and businesses (sole traders, partnerships and companies) that deliberately get their direct or indirect tax wrong. This is driven by HMRC’s desire to deter people from evading tax and to show the compliant taxpaying majority that it is serious about tackling non-compliance.

The penalty regime for inaccuracies in returns heavily penalises the worst ‘deliberate defaulters’, as HMRC calls them, through higher tax geared penalties, and entry into the Managing Serious Defaulters programme is a further deterrent. More information on the penalty regime can be found in the Penalties for inaccuracies in returns ― overview guidance note.

When HMRC undertakes a criminal investigation and successfully prosecutes the individual or business entity concerned, it makes their details published as a matter of record.

HMRC also has the power to publish the details of deliberate defaulters where the potential lost revenue (PLR) exceeds £25,000. From

Access this article and thousands of others like it
free for 7 days with a trial of TolleyGuidance.

TAKE A FREE TRIAL

Guy Smith

Popular Articles

Owner-Managed Businesses

Trade or hobby

Trade or hobbyInteraction of hobby farming rules and commercialityFarming has its own set of ‘hobby farming rules’, which historically have stated that a profit must be made every six years. This is known as ‘the five-year rule’, in that there can be five years of losses but there must be a profit

14 Jul 2020 13:50 | Produced by Tolley Read more

Trusts and Inheritance Tax

Corrections and amendments to the IHT account

Corrections and amendments to the IHT accountThis guidance note explains how to deal with changes to the taxable values in the original inheritance tax account.Why do amendments arise?When the IHT account is first submitted to HMRC, it is based on information available at an early stage of the

14 Jul 2020 11:20 | Produced by Tolley Read more

Trusts and Inheritance Tax

Bare trusts ― income tax and CGT

Bare trusts ― income tax and CGTThis guidance note explains how trustees of bare trusts are treated for income tax and capital gains purposes. Although a bare trust is, in equity, a type of trust, for both income tax and capital gains tax purposes its existence is transparent. This means that no tax

14 Jul 2020 15:34 | Produced by Tolley Read more

UU��ֱ��