HMRC go for the Shellfish Industry - COP9

Since getting to grips with the pelagic fishing industry HMRC have no wturned their attention on the Shellfishing industry. Rumours have abounded about gangs clearing over £60K a day and of course HMRC will believe such stories if it suits them.

With amounts like that it is not surprising that they have turned their attention to shellfish traders (boats, processors etc) and in sme instances they have issued COP9 (Code of Practice 9) letters that basically give the recipients up to 60 days to make an outline disclosure of what they have knowingly evaded tax on over any period up to 20 years.

If you are in that industry and get a COP9 letter then it needs careful consideration as incorrect treatment or rejection can leave HMRC pursuing the investigation themselves ( and in that event it can be with a view to prosecution)

In any case where a COP9 letter is received don't think that you can second guess the tax inspector as during the 60 day period they will not talk to you or your adviser until such time as you have either accepted that you have knowingly evaded tax (and given details of what you did, why, the amounts of income/gains understated and the approximate tax you have evaded) or rejected their offer of a contractual disclsoure facility.

Tax does not have to be stressful BUT HMRC make it one of the worst experiences of one's life - guilty till proven innocent some might say - and you need expert assistance to get through it and apply the best strategy for your particular circumstances.

If you have any serious tax investigation problem or enquiry then feel free to give Bill a call on 07751720507 to see if we can help.

On April 20, 2015