Penalties for Incorrect Tax

The purpose of an HMRC tax enquiry is to get you to pay more tax than you declared.
If the taxman is successful in pushing up your tax bill you will probably face a "tax-geared" penalty: of up to 100% of the extra tax - or even 200% if the evaded tax is linked to an offshore bank account.

The Lynam Tax partners have over 35 years of experience in negotiating tax penalty levels.  We can help you with the worry and stress of a tax enquiry and can use our expertise to substantially reduce, and sometimes eliminate, the penalties that the tax inspector is demanding.

Tax officers will seek penalties on extra tax due as a result of their enquiry if they believe an error occurred as a result of carelessness or deliberate behaviour.  Voluntary disclosures get lower penalties.  If HMRC believe the error was deliberate and no voluntary disclosure was made the penalty range is a minimum of 35% and a maximum of 70% of the tax.  Serious tax fraud can have a penalty range of 50-100%. The 2009 pre-budget report announced the coming introduction of an extra penalty (of up to another 100%) in cases where offshore bank accounts are held.

Lynam Tax partners are experts in tax penalty negotiations.  We have helped hundreds of taxpayers achieve substantially lower penalties than those first sought by the taxman; including zero penalties in many cases.  We also have substantial experience in dealing with offshore disclosure issues.

If you, or your client, are facing tax geared penalties, Lynam Tax Enquiry Experts can help.  The earlier in a tax investigation or dispute you involve us the more we can potentially save you: in tax, interest and penalties.

For a free, confidential, no obligation discussion call Paul Lynam today on 0845 643 9997 or email partners@lynamtax.co.uk.