search

The Chartered Institute of Taxation (CIOT) has published an update about HMRC’s letters to UK individuals identified as having received overseas income or gains.

The letters have been prompted by information HMRC has been receiving under Automatic Exchange of Information (AEOI) agreements about UK residents with financial accounts and investments overseas. The letters generally give 30 days to respond and include a “Certificate of Tax Position” form which HMRC ask the individual to complete and return to confirm whether they have additional tax liabilities to disclose.

It is strongly advised that anybody who has received one of these letters seeks professional advice and the certificate enclosed should not be signed before doing so. As there is no specified period of time to which the certificate relates, and also no obligation to complete it, your clients could be opening themselves up to unnecessary scrutiny from HMRC. They could be exposed to higher penalties (up to 200% of the tax depending on the country involved) or even criminal prosecution.

How can we assist? 

Our Tax Investigations & Employment Tax Director, Dave Jennings, has made numerous disclosures to HMRC for undisclosed offshore income or gains, including through the Worldwide Disclosure Facility (WDF) and is happy to help your clients when choosing the most appropriate way to respond.

Our Tax Disputes team also work with clients and their advisers nationally to negotiate the best solution for a range of issues, including:

     • HMRC Tax Enquiries, Investigations and Disputes;

     • Employment Tax Issues including IR35, CIS;

     • CoP8 (Avoidance) and CoP9 (Fraud) Investigations;

     • Accelerated Payment Notices, Follower Notices and the 2019 Loan Charge;

     • Instalment Arrangements (Time to Pay);

     • PAYE and VAT Security Bond Notices;

     • Providing assistance at Tax Tribunals; and

     • Expert Witness in Civil Disputes and Criminal Prosecutions.

Posted: 29th Jul 2019

Latest News and Events:

Mungai Wairia to run New York Marathon for SBRF

Mungai Wairia to run New York Marathon for SBRF

Mungai Wairia, Office Maintenance Provider at Qubic Tax, has confirmed his place in the New York Marathon 2019.

25th Oct 2019 // read more

Qubic Launches Newly Created Graduate Scheme

Qubic Launches Newly Created Graduate Scheme

Tax specialist firm, Qubic, has launched its newly created Graduate Scheme for dynamic, driven individuals hoping to carve out an exciting career in tax.

27th Sep 2019 // read more

Meet the Runners: Mungai Wairia

Meet the Runners: Mungai Wairia

MUNGAI Wairia, Office Maintenance provider at Qubic Tax, will also be taking part in the Great North Run this year, as part of 'Team Qubic'.

3rd Sep 2019 // read more

Qubic Network London Qubic Network Newcastle
Qubic Network London Qubic Network London Office Location

Floor 17, 30 St Mary Axe
London London EC3A 8BF (map)

Tel: 0207 283 9555

Qubic Network Newcastle Qubic Network Newcastle upon Tyne Office Location

St Ann's Quay, 118 Quayside
Newcastle upon Tyne Tyne and Wear NE1 3BD (map)

Tel: 0191 232 2001

"Qubic" is often used to refer to individual member firms within the Qubic network or to several or all of them collectively, including but not limited to Qubic Tax Ltd, Qubic Trustees Ltd and Qubic Tax Advisory Ltd, each of which is a separate legal entity and does not act as an agent of any other member firm, cannot bind any other member firm, and is liable for its own acts or omissions and not those of any other firm.

Access Key Navigation