HMRC Super Computer Will Find You.
We have been telling you for years that if tax is due, tax is due. Whether you like it or not, tax evasion is fraud and is a criminal offence.
Sometimes people approach us and have not declared income tax on rental income or capital gains tax on properties sold. Although rare, we have a duty to report this and file your tax returns correctly.
When you buy a property, you pay stamp duty. We you buy a property the title is registered at the Land Registry. The key titles missing here is it is “HM Land Registry” it is “Stamp Duty Land Tax” paid to “HM Revenue and Customs”.
The government’s flagship “Connect” computer programme allows government agencies to automatically cross references information and transactions to track down tax evaders.
Information sharing globally means Foreign Banks notify HMRC that you have an account in that country.
UK Bank account information will one day be automatically fed into your Personal Tax Account with HMRC.
Legislation is already in place for internet service providers (your Internet supplier) to keep a record of your use. Already, there is a squeeze on social media to allow access automatically to government agencies. You simply cannot declare little or no income and then post via social media that you are on a luxury holiday or have splashed out on a high performance car or lavish wedding. Authorities already have power via the Courts to access your information if you ‘appear on radar’.
Stop trying to hide your wealth. If tax is due, it is due. If you believe you may have not filed tax returns correctly then you should do so now. If you wish to protect your wealth there are many legitimate and legal ways to do so. Contact us for help with your tax returns and indeed for advice on asset protection.