HMRC make enquiries into Swiss bank accounts

Nov. 14, 2011 - PRLog -- HMRC has recently written to a number of tax advisers to say that they have received details of bank accounts or investments in Switzerland held by their clients, and that they are about to write to the individuals concerned seeking explanations.

There is no sign that HMRC has made any effort to tie up the information with the details on the individuals’ tax returns, and these enquiries may therefore cause anxiety and inconvenience even in cases where taxpayers have complied with all their legal obligations.

If you are a Moore Stephens client and you receive a letter from HMRC please let us know straight away. If you are not an existing client we will be pleased to help you resolve matters with HMRC. If you do have accounts that you have overlooked, it is important to make a full disclosure to HMRC as soon as possible, and we can help you with that.

However, Guy Smith from Abbey Tax Protection said even if the 12 inspectors take on 30 investigative cases each that only amounts to 360 cases. It could take several years to investigate all the people who choose not to make a voluntary disclosure. In all likelihood, the Unit will select the highest risk cases first and farm the others out to local tax offices.

Moore Stephens is an International Chartered Accountant with a specific focus on audit and assurance services and business tax advice. http://www.moorestephens.co.uk/aldersgate.aspx