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Contact Us :

Address : 68 Great Portland Street, London, W1W 7NG

Telephone : 020 7637 3717

E-mail : Info@cwg.org.uk

Latest News

Tougher HMRC compliance regime - Businesses are being urged to prepare for a tougher HMRC compliance checking regime, which is due to come into force next month. As from 1st April 2009 HMRC will acquire new powers in relation to compliance checks on individuals and businesses covering the areas of PAYE, VAT, income tax, capital gains tax and corporation tax. The Finance Act 2008 grants HMRC the right to visit businesses in order to inspect premises, assets and records, and to ask taxpayers and third parties for further documentation. Please contact us for a fuller understanding of the new rules.

Offshore tax amnesty - Recent reports suggest that up to 500 financial institutions could be targeted by HMRC as part of its latest offshore tax amnesty drive. HMRC announced last October that it would be conducting a second amnesty, allowing tens of thousands of taxpayers the opportunity to pay a reduced penalty by disclosing offshore bank accounts using their offshore disclosure facility. The first amnesty was reported on this website back in 2007 and it seems that Prime Minister Brown intends to spearhead a global crackdown on tax havens in this second round. The previous amnesty targeted only 5 major UK high street banks and the penalties were capped at 10% and so it is obvious that this second amnesty will be far more extensive and some experts believe that tougher penalties will be applied in future. With our experience gained in the first amnesty we can help with any disclosure that might need to be made.

Budget - The Chancellor, Allistair Darling presented his Budget statement to the House of Commons at 12.30pm on Wednesday 22nd April 2009. We have sent our budget report out to all of our clients and if there are any questions or queries, then please do not hesitate to contact our office. If anyone wishes to receive a copy of our report, then they should contact our office using the phone  or email details given on our website.

Increase in late filing penalties - It should be noted that as from 1st February 2009 the penalties for filing accounts late at Companies House will rise significantly. The new penalties for private companies are as follows:

Not more than 1 month late £150  -  More than  1 month but not more than 3 months late £375  -  More than 3 months but not more than 6 months late £750   -   More than 6 months late £1,500.

Where the previous financial years accounts were filed late, then the penalty will be double that shown above and for PLC's the penalties will be quadrupled in the case of penalties for up to 6 months late and for more than 6 months the penalty will be a multiple of 5. Please ensure that your records are available with sufficient time in order to allow us to prepare and submit the accounts within the 9 month deadline for accounts years commencing on or after 6th April 2008.

Please contact us if you would like more advice on this issue.

This website was last updated on 2nd October 2009. Please log in again for the latest news in our next update.