Insights

HMRC is significantly increasing its efforts to close any loopholes that may have been used to minimise tax payments. Now, any taxpayers who participate in tax avoidance schemes must declare their interests to HMRC on their self assessment tax returns.

New legislation also entitles HMRC to collect tax payments it believes are outstanding directly from the taxpayer, before a formal hearing or tribunal.

Our advice to clients is to avoid the use of any tax planning schemes and strategies that HMRC may consider are ‘aggressive’. Instead, use some of the many ways to legitimately reduce your tax bill by taking advantage of HMRC approved tax relief opportunities.

Click on the link below to learn more about some of the tax planning strategies we advise clients to adopt and ensure they only pay the legal minimum in tax.