An accounting firm contacted us about one of their clients because HMRC had opened numerous enquiries into both his business and personal affairs with no sign of resolution in sight.
On reviewing the background, we discovered several transactions marked in the accounts as consultancy fees however, in reality, the payments were deposited into the director’s personal accounts.
We recommended the client made a request to participate in the Contractual Disclosure Facility to secure immunity from prosecution.
We navigated our mutual client through the process, working closely with the referring accountant to establish the correct amount of tax that ought to have been paid.
It was important for our client to resolve all historic issues in respect of multiple companies and personal tax issues, which we achieved by way of contract settlement.
We also negotiated the lowest possible penalty, suspension of penalties for the careless understatements and a time to pay arrangement.