The HMRC Wealthy Unit is responsible for scrutinising the affairs of UK residents with net asset wealth of over £2m, and/or whose income in the last 3 years has been over £200K: overall about 700,000 taxpayers.
The taxman is using sophisticated and innovative IT software to analyse information across all its various databases and information sources, checking for discrepancies and anomalies (e.g. someone with a large asset portfolio but with relatively little taxable income). HMRC are reviewing individuals with financial links abroad; such as foreign property, offshore bank accounts; controlling non-UK comapnies; or links to offshore trusts - whether as a trustee, settlor or beneficiary.
The Wealthy Unit has a complement of about 300 tax investigators; including specialists in many different areas of taxation. This level of resourcing means that asset-rich or high-income taxpayers face a significantly increased risk of an intrusive tax investigation.
The Affluence Unit is separate from HMRC’s High Net Worth Unit, which targets taxpayers with wealth of over £20 million. But both units have a clear remit to challenge suspected tax avoidance and tax evasion by the UK’s wealthiest.
What does this mean for me?
If you get an enquiry notice from HMRC's WealthyUnit then you know that they are aiming to secure a significant payment of extra tax, interest and penalties. The Unit is staffed by specialists. You need specialist help on your side to deal with this serious tax investigation. Many accountants and tax advisers prefer to outsource the tax enquiry work to specialists such as us. Lynam Tax Enquiry Experts have over 90 years full-time experience of handling HMRC tax enquiries and tax investigations. We have huge experience of dealing with high net-worth individuals and their tax issues; and can be relied upon for integrity and discretion.
If you or your clients are facing a Tax Enquiry from the Wealthy Unit please call today for a free and wholly confidential no obligation initial discussion. Call:
Paul Lynam: 0845 643 9997 or
Andrew Nutbrown : 0771 877 8710
Lynam Tax Enquiry Experts HELP ME?
- Offshore Bank Disclosures
- Contractual Disclosure Facility/ COP9
- Appeals / Tribunal Hearings
- Worldwide Disclosure Facility: Tax Amnesty
- Fraud Investigation Service
- Rental Income Tax Enquiry
- Business Tax Enquiry
We specialise in managing all Tax Enquiry, Tax Disclosures & Tax Disputes with HMRC.
We will help you throughout the Tax Investigation or Disclosure and save you money, so you can concentrate on running your business and enjoying your private life.
For a helpful, sympathetic, confidential and no obligation discussion: