evasion Archives - WRLO Accountants

Government agrees to crack down on crypto tax evasion

WRLO Accountants — Mon, 04 Dec 2023 13:26:56 +0000

The UK government has agreed an ‘historic’ commitment with 48 countries to combat criminals using crypto assets to evade tax. The landmark agreement follows on from the UK’s tax deal made in 2021 to clamp down on corporate tax avoidance and ‘ensure the right tax is paid in the right place’. The new Crypto-Asset Reporting Framework is the Organisation for Economic Co-operation and Development’s (OECD’s) flagship tax transparency standard that will require crypto platforms to begin sharing taxpayer information with tax authorities. The new framework will allow international authorities to exchange information in order to enforce tax compliance and builds on the existing Common Reporting Standard system authorities utilise to share information. Victoria Atkins, Financial Secretary to the Treasury, said: ‘I am proud that the UK is once again demonstrating leadership on tackling global tax evasion, helping to secure the revenue that’s essential for the public services we all use. ‘We are sending out a strong message that we will not allow criminals to use crypto to avoid paying their fair share.’ Internet link: GOV.UK

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Scams warning issued to 12 million self assessment taxpayers

WRLO Accountants — Mon, 06 Nov 2023 20:47:04 +0000

Self assessment taxpayers must be on the lookout for scam texts, emails and phone calls from fraudsters, HMRC was warned. HMRC has received more than 130,000 reports about tax scams in the past year, with 58,000 of those offering fake tax rebates. With around 12 million people expected to submit a self assessment tax return for the 2022/23 tax year before the 31 January 2024 deadline, fraudsters will prey on taxpayers by impersonating HMRC. The scams take different approaches. Some offer a rebate; others tell taxpayers that they need to update their tax details or threaten immediate arrest for tax evasion. Myrtle Lloyd, HMRC’s Director General for Customer Services, said: ‘HMRC is reminding taxpayers to be wary of approaches by fraudsters in the run up to the self assessment deadline. Criminals are great pretenders who try and dupe people by sending emails, phone calls and texts which mimic government messages to make them appear authentic. ‘Unexpected contacts like these should set alarm bells ringing, so take your time and check HMRC scams advice on GOV.UK.’ Internet link: HMRC press release

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