Consequences of failure to comply with Code of Practice 9 (COP 9) can be dire, warn Tax Investigation Expert at The Accountancy Solutions

Tax Investigation experts at The Accountancy Solutions are warning individuals and small business who have received Code of Practice 9 letters from HMRC about the consequences of failing to Contractual Disclosure Facility within 60 days.

Following a series of news stories which have served to hammer home the importance of full disclosure of all taxable sums, Aatif Malik, Managing Partner at The Accountancy Solutions say there are lessons to be learned which could help others avoid making the same mistake.

As premiere taxation and criminal fraud tax investigation experts, The Accountancy Solutions have offices in Birmingham and London, alongside a strong team of dedicated professionals eager to help ensure their clients don’t fall into the trap of neglecting to declare their tax.

HRMC recently have started prosecuting owners of small business for tax evasion. When HMRC can realise that business owner or individual had been lying about the full extent of his profitability they will take no chance and make it a criminal offence. Undercover investigators do sting operations on restaurants and take advantage of HMRC state of art software ‘CONNECT’ in order to determine financial profile of a tax payer. While the deception may allow an individual to avoid some money in taxes, the law will eventually catch up after checking records and tax returns.

After realising the scale of the issue, an individual can be jailed for two years on the grounds of fraud, and this is a case which should be taken seriously by business owners. “HRMC has very detailed ways of finding out what tax you owe, and they will ensure they get that tax,” says Aatif. “To try and avoid paying it can result in much larger consequences than just a hefty tax bill.”

As a team of professionals with experience of presenting clients involved in Tax Avoidance and Tax Evasion, The Accountancy Solutions’ services are designed to help small businesses, self employed individuals and contractors who could be subject to criminal fraud investigations.

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