Tax evasion is illegal in the UK, and those convicted face severe punishments. The government has recently introduced new laws that will make it easier for authorities to catch people who try to avoid paying taxes.
Tax evasion occurs when an individual attempts to evade or defeat any part of the income tax system. This includes not filing returns, failing to pay taxes owed, or concealing assets. It also includes attempting to evade payment of taxes through fraudulent means.
There are several reasons why business owners fall into the tax evasion trap. One reason is that they believe that they will never be caught because they do not file their own personal tax return. Another reason is that they think that the government does not care about them as individuals. They may also feel that they cannot afford to hire a professional accountant to help them with their taxes.
If you fail to report income earned through employment, you may be committing tax evasion. This includes earnings from self-employment, such as running a small or medium business. It also includes any income received from investments, rental properties, royalties, dividends, interest, or capital gains.
Tax Investigation is just the beginning if you've avoided paying taxes or concealing your assets. In case you didn't know, tax investigations are time-consuming, expensive, and extremely stressful for the business owner.
If the investigation concluded that you committed tax evasion, you will likely face criminal charges.
If you need help dealing with tax evasion charges, contact us today. We offer consultations through our team of certified tax advisors and accountants. We want you to know that there are other ways to deal with tax evasion. You may be able to pay back taxes owed without facing criminal charges. You may also be able to avoid prosecution altogether by paying back taxes owed.
