NMC Accountants & Tax Advisors ’s Post

Is HMRC closing in on your overseas income? HMRC is reaching out to taxpayers named in the Pandora Papers, suspecting potential UK tax liabilities on foreign income and gains. The campaign, initiated in 2023, aims to address undisclosed overseas income and gains. Taxpayers are urged to review their tax affairs and disclose any unpaid tax within 60 days to avoid penalties of up to 200%. Additionally, HMRC is extending the campaign to agents representing clients mentioned in the Pandora Papers. https://bit.ly/3K36MBr #HMRC #PandoraPapers #TaxLiabilities #TaxCompliance #TaxEvasion #TaxFraud #UKTax #OverseasIncome #Taxation #TaxLaw #TaxTalk #TaxPlanning #TaxSeason #TaxTips #TaxSavings #FinanceAndTax #TaxConsultancy #TaxExperts #TaxStrategy #TaxFiling #THTribe

Resolving Income Tax Disputes with the New e-Dispute Resolution Scheme (e-DRS) The Central Board of Direct Taxes (CBDT) has introduced a new electronic system, the e-Dispute Resolution Scheme (e-DRS), aimed at simplifying the resolution of Income Tax disputes. https://lnkd.in/gm2MhUeh #eDisputeResolutionScheme #eDRS #tax #incometax

HMRC is reaching out to taxpayers named in the Pandora Papers, suspecting potential UK tax liabilities on foreign income and gains. The campaign, initiated in 2023, aims to address undisclosed overseas income and gains. Taxpayers are urged to review their tax affairs and disclose any unpaid tax within 60 days to avoid penalties of up to 200%. Additionally, HMRC is extending the campaign to agents representing clients mentioned in the Pandora Papers. https://bit.ly/3K36MBr #HMRC #PandoraPapers #TaxLiabilities #TaxCompliance #TaxEvasion #TaxFraud #UKTax #OverseasIncome #Taxation #TaxLaw #TaxTalk #TaxPlanning #TaxSeason #TaxTips #TaxSavings #FinanceAndTax #TaxConsultancy #TaxExperts #TaxStrategy #TaxFiling #THTribe

#FINANCE The Ministry of Finance informed that the Tax Amnesty 2024 was approved with 57 votes, which will grant facilities to insolvent taxpayers to comply with their tax obligations, customs and other fines, in order to facilitate voluntary compliance with their tax obligations. 💸💵💲🪙🧾 Read here: https://lc.cx/nT8sLQ #fiscal #periods #MinistryofFinance #paymentplan #tax #obligations

Expats and those with financial interests in the UK and overseas can mistakenly believe that a double tax treaty between the two countries involved will charge you the right amount of tax between them. You could easily end up paying more or less tax than you should. Laura Sant gives some easy-to-follow examples of how a double tax treaty works in this video: To stay compliant with HMRC and find out if you are paying the right tax to the right place at the right time, visit LSRPartners.com and schedule a consultation. LSR Partners LLP are a firm of UK tax advisors with specific expertise in UK tax regulations for those with financial interests both in the UK and abroad. Contact us on +44 330 165 5340 or email clientservices@lsrpartners.com UK tax clarity for global clients - Pay the right tax at the right time to the right place. #expattax #internationaltax #uktax #doubletaxtreaty #hmrc

🔍 Confused about the difference between tax avoidance and tax evasion? Discover how these two terms differ and why it's crucial to understand them. Stay informed and compliant! Read more: https://lnkd.in/g3mMSkgD #TaxLaw #TaxAvoidance #TaxEvasion #LegalAdvice #SBBLLaw

The latest NAO report, blaming small businesses for the majority of tax evasion, is, I feel, over-simplistic. The issue of tax evasion is a complex one, but HMRC has certainly lost its way in tackling this problem. A loss of experienced investigators in recent years has not helped. HMRC’s increased, and increasing, use of nudge letters to generate additional compliance yield is an option, and sends out the wrong message to tax evaders, and those considering whether they are going to be compliant in relation to their tax affairs. #taxevasion #hmrc #taxpayer

Do you know FBR is cracking down on tax evasion? IR officers now have more power to recover unpaid taxes! This means fairer tax system & more revenue for the country's development. Read More: https://lnkd.in/gCDhXZdv #FBR #FBRPowers #PakistanTaxes #FightEvasion #StrongerEconomy #PublicServices #InvestingInTheFuture

It is Important to foster a Constructive and Streamlined relationship between Taxpayers and Tax Authorities to improve Efficiency, reduce Confusion and promote a Fair and Transparent Tax System. Reducing unnecessary Exchanges between Taxpayers and Tax Authorities could aim to improve Administrative Efficiency, Reduce Bureaucratic obstacles and create a more User-Friendly System. Minimizing direct interactions between Taxpayers and Tax Officials can be a Strategy to reduce the potential for Corruption and maintain the Integrity of the Tax System. The implementation of Transparent procedures and Oversight mechanisms is essential to Ensure Accountability and Prevent any Illegal Activities. Today, it takes more Brains and Effort to make out the Income-Tax form than it does to make the Income. All that I learned from the Unwarranted Continuous Tax Audits.

🚨 Tax Alert! A recent Tax Court ruling has determined that the Canada-U.S. tax treaty can override your right to a Collection Due Process hearing. This decision could have significant implications for U.S. taxpayers with Canadian ties. Stay informed on how this could affect you. Read more: 👉https://hubs.li/Q02KQJzL0 What are your thoughts on this change? Share with us below! #TaxUpdate #TaxAlert #InternationalTax #TaxTips #IRS #AbitOs #TaxPlanning #SolvingtheGlobalTaxPuzzle #Tax #USTreasury #USA #Canada #TaxPlanning #InternationalTax#TaxInsights #LinkedIn #TaxAlert #TaxTreaty