At the right side of the law
Tax solicitors are specialists equipped with all the necessary tax knowledge. They advice businesses or enterprises on everything to do with tax that is associated with them. They provide clarity as well as give possible options available to ventures presented to them. They assess assets versus liabilities and help an individual or a company (their client) plan for possible future contingencies.
Tax solicitors play different roles from tax accountants as much as both are important in a business. A tax accountant deals with preparation and filing of tax forms, audit assistance, tax planning but is not conversant with the court system in case of a tax dispute. Information made available to a tax accountant can be given to any other party when needed; there is no client attorney privilege. But then again the tax accountant is no attorney. A tax solicitor on the other hand understands all the nitty gritty details of tax law to enable one resolves a couple of tax related issues. Information shared between a client and a tax lawyers is entitled to legal professional privilege. This comes in handy especially if cornered by HMRC.
HM Revenue and Customs is mandated to administer and collect taxes, it also looks into criminal investigations into tax payers involved in tax evasion schemes or undeclared income. HRMC offers a Contractual Disclosure Facility and a code of practice 9 (COP9) to businesses of persons they suspect of committing a tax fraud. The CDF gives a person two options, acceptance or rejection. Acceptance is perceived as a confession to committing the said tax fraud. Accepting the CDF exempts you from being criminally investigated by the HMRC .A rejection of the offer or failure to follow the proper processes on the other hand gives HMRC a leeway to carry on with their investigation at any given time. Window period given for acceptance or rejection is 60 days. Tax laswyers come into play in that they keep their clients up to date with changes and adjustments made regarding the HMRC thus ensure compliance. They also give advice concerning the CDF contracts. Tax solicitors will provide technical questions and explain the meaning of specific terms that may not be understandable.
Accelerated payment notice is another tax demand reinforced by the HMRC. It is a tax payment the HMRC things you tried avoiding or evading. It therefore gives you a 90 day notice to pay up. If not paid up within the stipulated time your accounts are to be raided or you are pushed to bankruptcy or liquidation of all your assets. Tax Barristers play an important role in advising you on the legality of the venture you are purported to have gone into. This is done through an audit. Only after its legality has been stipulated will you then be advised on your way forward regardless of whether it turns out legal or illegal. Tax solicitors will go a long way in getting you out of trouble as well as avoiding unnecessary losses.
One can easily fall into unplanned tax mistakes that will give you penalties. Such penalties are late filing or late payment, errors on returns, payments, paperwork and inaccuracy .A good tax solicitors will give you advice and information regarding the penalties. He or she will negotiate on your behalf and defend the application of these penalties. It is very crucial to involve a tax solicitor in your business affairs, they sort your tax issues in ways no one else can.
HM Revenue and Customs is mandated to administer and collect taxes, it also looks into criminal investigations into tax payers involved in tax evasion schemes or undeclared income. HRMC offers a Contractual Disclosure Facility and a code of practice 9 (COP9) to businesses of persons they suspect of committing a tax fraud. The CDF gives a person two options, acceptance or rejection. Acceptance is perceived as a confession to committing the said tax fraud. Accepting the CDF exempts you from being criminally investigated by the HMRC .A rejection of the offer or failure to follow the proper processes on the other hand gives HMRC a leeway to carry on with their investigation at any given time. Window period given for acceptance or rejection is 60 days. Tax laswyers come into play in that they keep their clients up to date with changes and adjustments made regarding the HMRC thus ensure compliance. They also give advice concerning the CDF contracts. Tax solicitors will provide technical questions and explain the meaning of specific terms that may not be understandable.
Accelerated payment notice is another tax demand reinforced by the HMRC. It is a tax payment the HMRC things you tried avoiding or evading. It therefore gives you a 90 day notice to pay up. If not paid up within the stipulated time your accounts are to be raided or you are pushed to bankruptcy or liquidation of all your assets. Tax Barristers play an important role in advising you on the legality of the venture you are purported to have gone into. This is done through an audit. Only after its legality has been stipulated will you then be advised on your way forward regardless of whether it turns out legal or illegal. Tax solicitors will go a long way in getting you out of trouble as well as avoiding unnecessary losses.
One can easily fall into unplanned tax mistakes that will give you penalties. Such penalties are late filing or late payment, errors on returns, payments, paperwork and inaccuracy .A good tax solicitors will give you advice and information regarding the penalties. He or she will negotiate on your behalf and defend the application of these penalties. It is very crucial to involve a tax solicitor in your business affairs, they sort your tax issues in ways no one else can.
