Request a Quote

Request a Quote

Please complete the form below, we’d love to hear from you!

Nowhere to hide

  • 15th April 2014

Nowhere to hide

HMRC were in the headlines again at the weekend, this time over plans to introduce a new criminal offence of failing to declare taxable offshore income - punishable by an unlimited fine and a prison sentence. HMRC will consult on the detail later in the year, and no doubt objections will be raised at that point, but it seems likely that this will soon become part of HMRC's array of new powers to tackle tax avoidance.

Over the last few years, HMRC have become much better at identifying offshore tax evaders and collecting the tax due - recovering £1.5bn in the last two years alone. And in the next few years HMRC can be expected to step up their efforts in this area. Awash with data from foreign banks and other institutions, and armed with better analysis techniques, HMRC will be better placed than ever before to flush out hidden cash.

The message is clear: if you are hiding income or assets abroad then the chances are that HMRC will find out. And then you could face a penalty of up to 200% of the tax, or worse in the future if HMRC get their way.

Much better to come clean now, ideally using one of HMRC's disclosure facilities under which you can expect a smoother ride with reduced penalties.

Who writes this?

Stephen Relf

Stephen Relf

Tax Consultant
Find out more about Stephen
  • Very smooth changeover to BW, with good communication at all times. Very efficient in the production of the accounts (as promised) and the Partners are delighted with the advice received to date.

    Practice Manager
  • BW Medical Accountants have a good working knowledge of General Practice and are keenly aware of the challenges Practices face within the changing environment of the NHS.  Benfield Park have been very impressed by the way BW Medical continue to deliver the range of services they provide from Accounts to Tax and NHS Pension advice. 

    We have found Practice consultation and engagement from BW Medical specifically helpful to shape the future of the Practice.

    Senior Partner
    Benfield Park Medical Group, Newcastle
  • We had no hesitation in moving to BW Medical Accountants.  For any business your accountant is integral, and for us one of the most important factors to this relationship is to have a personal and trusting approach, which BW have undoubtedly achieved. 

    The service we receive and the interest they show in our practice assures us that they have a genuine interest in us and commitment to us.  More importantly they are always helpful and polite to answer even the dumbest of questions!  They give us confidence and reassurance knowing that they are always very up-to-date with all the numerous changes within general practice and we would have no hesitation in recommending them to other practices seeking a professional and personal accountancy service.

    Jackie Rotherham, Practice Manager
    The James Street Family Practice, Lincolnshire
  • We moved to BW Medical Accountants in 2013 and we are delighted that we have.  Having been in the same business for over 20 years it is important to have a relationship with the accountancy team but most importantly you need to have trust.  We made the decision to move our business to BW Medical Accountants and having worked with the Team especially Tina we are very satisfied.  Tina going through the accounts brought to our attention many things that I was not aware of in the past.  The first years' experience can only be described as excellent.

    Customer service is first and foremost with BW and this shines through as each and every one of them are approachable, helpful and most importantly understand and know the business.  General practice is complex and is going to get more complex in the coming years.  We need Accountants who truly understand our business. We as a practice and as individuals would certainly recommend BW Medical Accountants.

    Gloria Middleton, Managing Partner
    Westbourne Medical Group, Sunderland
  • We changed to BW Medical Accountants and I would say we have just had the most transparent and understandable end of year meeting and the best planning advice I have ever had in 16 years of practice.

    GP Partner

Newsletter Signup