Could Tax Transparency Schemes Be Coming Your Way

Taxes aren’t high on the UK consumer’s list of favorite things, but it’s absolutely compulsory. So you need to be aware of any changes that could be possibly coming your way.

The truth is that today’s bit of news affects the countries that are pushing a low tax jurisdiction agenda. Simply put, David Cameron wants to make sure that everyone is paying their fair share. Avoidance schemes cost Britain a great amount in terms of lost revenue, and there have been numerous calls for reform in the system overall.

Mr. Cameron’s goal is to have a new agreement that would make tax evasion and avoidance incredibly difficult. As it stands, there’s a current scuffle with Google over its corporate tax payments.

The Prime Minister also wants to crack down on issues in the British Virgin Islands, the Caymans, Gibraltar, Anguilla, the Turks and Caicos Islands, and even Montserrat.

Usually anything that happens on the corporate level will eventually happen to regular taxpayers. So if you’ve been shaving a bit off here and there as you try to lower your tax bill, or failing to report sources of income, be warned — HMRC will be looking at you next. It always happens like this, so we decided to help you get organized before tax season rolls around.

Keeping track of all of your receipts will truly be the best thing that you can do. If you’re a business owner, going with an accounting firm that can take care of you will be another thing that you’ll want to look into. Just trying to hope that HMRC doesn’t catch on isn’t a good thing. Eventually they will see that there are some inconsistencies and come after you about them. It would make life very difficult in terms of penalties, late fees, and even possible jail time for fraud if it’s assumed that you purposefully tried to hold back large sums.

This is not something that every taxpayer will have to worry about. If you’re already paying your fair share, you can disregard this. But we would hate to see a scandal involving UK consumers, which is why we wrote this quick news piece. Good luck!