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Have You Received A Nudge Letter From HMRC Recently?

You're going to need urgent tax advice ...

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POSTED BY HELEN BEAUMONT ON 10/07/2019 @ 8:00AM

The letters have started! If you have undeclared overseas property, accounts or investments, HMRC is going to nudge you ...

If you receive a nudge letter from HMRC, you must respond!

If you receive a nudge letter from HMRC, you must respond!

copyright: wavebreakmediamicro / 123rf

Now, that the Common Reporting Standard (CRS) international information exchange is covering the entire G20, nearly 60 tax jurisdictions began sharing data in 2017 and more have been added this year.

"HMRC is now acting on the information
it has received!"

If you receive a nudge letter from HMRC, it does not necessarily mean your tax position is wrong in the UK, but it does mean that they've seen something of interest to them and you should seek specialist tax advice before replying.

But the nudge letter is not just a nudge letter. HMRC are expecting a response from you. Either, "Yes, I need to make a disclosure" or "No, no amendments are required". If you don't respond, then the chances are, HMRC will open an investigation.

Likely, individuals who need to make a disclosure will fall into the Failure To Correct regime, and you will face a penalty unless you have a good excuse. But remember, receiving a nudge letter means you're on the radar and if you don't act, you will be investigated because HMRC has seen something in the data they've received via CRS from another tax jurisdiction.

"Would you like to know more?"

If you've received a nudge letter from HMRC, then do give me a call on 01908 774323 or click here to ping me an email and let's see how I can help you.

Until next time ...

HELEN BEAUMONT


PS:

If you're looking to work with an expert tax advisor with a wide range of tax experience, do visit www.essendontax.co.uk to find out more about me and discover how I can help!


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More about Helen Beaumont ...

Helen brings the personal tax planning experience of the top 20 tax companies to Essendon. Formerly of MacIntyre Hudson (with 45 offices nationwide), Helen worked at Chancery for more than 10 years before joining Essendon as the personal tax specialist.

Tax Planning can make a considerable difference to your tax liability. Helen’s specialist knowledge in tax planning and experience ensures every opportunity to minimise your tax bill is utilised. By analysing your investments, income, profit and expenditures, Helen will provide strategic tax planning expertise that could offer significant savings, whilst delivering clear, honest advice and guidance.

When Helen is not at Essendon she spends time with her young son and likes going on long walks with the family dog.