Tax fraud is the deliberate omission, concealment of misinterpretation of information, or the deceptive presentation of information or circumstances to gain a tax advantage.
Tax fraud covers a spectrum of illegal activity, including:
- Non-reporting or under-reporting income to tax authorities
- Falsifying records
- Smuggling taxable goods
- Illegally assigning income
- Misreporting personal expenses as a business expense
If you find yourself under investigation by HM Revenue & Customs, charged with tax evasion or prosecuted for a tax fraud offence, it can be highly stressful and overwhelming deciding how to proceed next. At every stage of such proceedings, it is crucial to choose appropriate and legitimate steps as any further errors can have serious consequences.
While many believe that tax investigations are solely based on Income Tax, this scope underrepresents several investigation areas including:
- VAT
- Corporation Tax
- Capital Gains Tax
- Construction Industry Scheme (CIS)
- IR35
- Inheritance Tax
- National Insurance
If you or your business are involved in complicated tax affairs, it can be beneficial to make sure that you keep yourself updated with the latest legislation as it relates to each branch of tax law, especially for progressive taxes.
