×

HOW TO BECOME A CLIENT

1 EMAIL OR CALL US.
2 ARRANGE MEETING.
3 BECOME A CLIENT

If you have any problems, please let us know, by sending an email to info@rmiaccountancy.com. Thank you!

OFFICE HOURS

Mon-Fri 10:00AM - 5:00PM
Saturday by appointment only!

SIGN IN YOUR ACCOUNT TO HAVE ACCESS TO DIFFERENT FEATURES

FORGOT YOUR PASSWORD?

FORGOT YOUR DETAILS?

AAH, WAIT, I REMEMBER NOW!
QUESTIONS? CALL: 0161 9137 958
  • LOGIN
  • SUPPORT

RMI Accountancy

RMI Accountancy

City firm of financial and forensic accountants

T 0161 4137 958
Email: info@rmiaccountancy.com

RMI Accountancy
Blue Tower, Media City, Manchester, M50 2ST

Open in Google Maps
  • HOME PAGE
  • ABOUT US
    • ABOUT US
    • Our Team
    • Our Testimonials and Reviews
  • SERVICES
    • FORENSIC ACCOUNTING
      • Forensic Accounting
      • Forensic Investigation
      • Fraud Risk Assessment
      • Fraud Prevention Plan
      • Forensic Audit
      • Forensic Services Guarantee
      • Forensic Accounting – Posts
    • Accounting Solution
      • Accounting
      • Contractor and Freelancers
      • Tax Planning
      • Payroll
      • Business Growth Analysis
      • Book-Keeping
      • Company Formation
      • Guidance for businesses
    • Media & Celebrities
      • Accountancy for TV, Film, Sports & Media
      • Trusted and Reliable Accountancy Services for Media Clients
      • Wealth Management
      • Property Tax Planning
    • Specialist Accounting Solutions
      • Dental Practices
      • Optical and Pharmaceutical Practices
      • General Medical Practices
  • CASE STUDIES
    • A Success Story
    • Case Studies
    • The Path to Success – Becoming a Client
    • Tax updatesTax updates
    • BLOG & STORIES
  • LIBRARY
  • CONTACT
FREECONSULTATION
  • Home
  • Tax Investigation
  • Archive from category "Tax Investigation"
June 2, 2023

Category: Tax Investigation

Former chancellor owes HMRC £3.7m in unpaid tax

Tuesday, 24 January 2023 by admin@rmiaccountancy.com

Nadhim Zahawi has agreed to pay millions of pounds in tax to HMRC following a dispute over his family’s financial affairs

The former chancellor has agreed to pay a seven-figure sum to the tax authority to settle a tax dispute totalling £3.7m related to his family trust, Balshore Investments.

In July, HMRC examined the tax affairs of MP Nadhim Zahawi after an inquiry was launched by the National Crime Agency (NCA) in 2020.

The Serious Fraud Office (SFO) had also investigated Zahawi’s finances, according to a report in the Independent.

The investigation probed Zahawi’s involvement in a scheme to avoid tax by using an offshore company to hold shares in YouGov – the polling company he co-founded.

His family trust, Gibraltar-registered Balshore Investments, held a stake worth more than £20m, but sold up in 2018, with the proceeds being transferred to an unknown recipient.

Tax Policy Associates, a think tank, has estimated that Balshore’s sale of YouGov shares should have incurred capital gains tax (CGT) of about £3.7m.

Zahawi has insisted that he ‘does not have, and never has had’ an interest in Balshore Investments and that he was ‘not a beneficiary’.

A spokesperson for Zahawi said: ‘As he has previously stated, Mr Zahawi’s taxes are properly declared and paid in the UK. He is proud to have built a British business that has become successful around the world.’

Contesting the news, Zahawi stated: ‘There have been news stories over the last few days which are inaccurate, unfair and are clearly smears. It’s very sad that such smears should be circulated and sadder still that they have been published.

‘These smears have falsely claimed that the Serious Fraud Office (SFO), the National Crime Agency (NCA), and HMRC are looking into me. Let me be absolutely clear. I am not aware of this. I have not been told that this is the case.

‘I’ve always declared my financial interests and paid my taxes in the UK. If there are questions, of course, I will answer any questions HMRC has of me.’

Labour chair Anneliese Dodds has said there were ‘serious questions’ for Zahawi to answer, saying: ‘Why did Nadhim Zahawi claim last summer that he had paid his taxes in full, and that he wasn’t aware of an investigation? When was he made aware of an investigation? Was the prime minister aware of an investigation when he appointed Nadhim Zahawi to the cabinet?’  

Read more
  • Published in HMRC, Tax Investigation
No Comments

HMRC opened 278 tax investigations in lockdown

Wednesday, 01 September 2021 by admin

HMRC launched 278 civil investigations into suspected tax evasion during the first 10 months of the Covid-19 pandemic.

The 278 civil investigations, which were opened between 1 April 2020 and 31 January 2021, were otherwise known as Code of Practice 9 enquiries (COP9).

These are opened into the affairs of taxpayers who are suspected of committing serious tax fraud. This includes deliberately paying less tax than is due, overclaiming tax reliefs or misclaiming government grants.

Under a COP9 enquiry, HMRC has the right to seek recovery of tax, interest and penalties for as far back as 20 years. Despite these far-reaching investigatory powers, many will see this as a far preferable alternative to a criminal investigation.

Taxpayers will be required to provide details of the amount of tax they have evaded which saves HMRC from using its resources to investigate such matters. HMRC sees Cop9 enquiries as a much quicker and less costly process than having to enter criminal proceedings.

It is expected that HMRC may use the COP9 tool to encourage more suspected furlough fraudsters to come forward. ‘HMRC is throwing taxpayers a lifeline by issuing these COP9 enquiries. It’s an opportunity for those who know that there are serious misgivings within their tax affairs to bring this to light and avoid the possibility of a substantial prison sentence.

‘HMRC’s offer of a COP9 deal doesn’t last forever, so tax evaders who receive an offer shouldn’t ignore it. If they do spurn the approach from HMRC then they could find themselves facing a full-blown criminal prosecution.’

Dependent on the severity of the tax evasion that has been engaged in, the financial penalties imposed under the COP9 investigations can be up to 200% of the tax HRMC believes is owed.

If the individual chooses to fully cooperate with the investigation they will receive immunity from criminal prosecution. Taxpayers can also avoid the possibility of prison by requesting to make a disclosure and voluntary entering into a COP9 agreement with HMRC. This is known as a contractual disclosure facility (CDF). ‘Given the severity of the financial penalties under COP9 enquiries, including the possibility of being publicly named and shamed, they are most definitely not an amnesty nor an easy route out.

‘However, taxpayers who have deliberately misrepresented their affairs are likely to have a more favourable outcome if they fully cooperate with HMRC and own up to committing tax fraud.’

Investigationstax
Read more
  • Published in Tax Investigation
No Comments

Recent Posts

  • Redundancy protection extended for parents

    Parents and unpaid carers are due to receive ne...
  • HMRC issues scam warning to tax credits claimants

    Tax credit claimants need to be on their guard ...
  • Late interest penalties hit 1.4m taxpayers

    More than 1.4 million taxpayers had to pay inte...
  • Landlord registration plan will drive HMRC investigations

    The launch of a landlord database outlined in t...
  • Airbnb owners will have to pay VAT on rentals across EU

    An overhaul of EU rules will affect Airbnb land...

Recent Comments

    Archives

    • May 2023
    • March 2023
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • December 2018
    • November 2018
    • January 2018
    • November 2015
    • August 2015

    Categories

    • Accounts
    • Annual Investment Allowance
    • Bounce back loan
    • Brexit
    • Budget
    • Budget 2021
    • Business grants
    • Business Rates
    • Business Support Finder Tool
    • Capital gains tax
    • Carer's Leave
    • Corporation Tax
    • Covid booster programme
    • Covid Restrictions
    • Eat Out to Help Out
    • Employment
    • Filing Deadlines
    • Flexible working
    • Fuel Rates
    • Furlough scheme
    • HMRC
    • Home Working Tax Relief
    • Inflation
    • Inheritance Tax
    • Interest Rates
    • IR35
    • Job Retention Scheme
    • Job Support Scheme
    • Kickstart Scheme
    • Making Tax Digital
    • Mobile
    • National Insurance
    • National Wage Rates
    • Networking
    • PAYE
    • Pension
    • Recovery Loan Scheme
    • Research & Development
    • Self Assessment
    • self employed scheme
    • Stamp Duty
    • Statutory Sick Pay (SSP)
    • Tax Credits
    • Tax Fraud
    • Tax Investigation
    • Tax Relief
    • Tax return
    • Technology
    • Uncategorized
    • VAT
    • Virtual Accountancy Services
    • Working Tax Credit

    Meta

    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org

    Featured Posts

    • Redundancy protection extended for parents

      0 comments
    • HMRC issues scam warning to tax credits claimants

      0 comments
    • Late interest penalties hit 1.4m taxpayers

      0 comments
    • Landlord registration plan will drive HMRC investigations

      0 comments
    • Airbnb owners will have to pay VAT on rentals across EU

      0 comments

    GET A FREE QUOTE

    Please fill this for and we'll get back to you as soon as possible!

    FOOTER MENU

    • About us
    • Our Team
    • Forensic Accounting
    • Tax Planning
    • TV, Film, Sport and Media
    • Wealth Management
    • Case Studies
    • Advisory
    • Contact Us

    NEWSLETTER SIGNUP

    By subscribing to our mailing list you will always be update with the latest news from us.

    We never spam!

    GET IN TOUCH

    T (0161) 4137958
    Email: info@rmiaccountancy.com

    RMI Accountancy
    Blue Tower, Media City, Manchester, M50 2ST

    Open in Google Maps

    © 2019-2020. All rights reserved. Web Design - by Web & Print Media

    TOP
    Skip to toolbar
    • About WordPress
      • WordPress.org
      • Documentation
      • Support
      • Feedback
    • Log In