Getting it Right: Avoiding Penalties with Accurate Disclosure in UK Tax Affairs

Posted: Insights

Recent media coverage of high-profile tax cases has underscored the critical importance of accurate disclosure. With HMRC increasingly vigilant, it’s essential to understand the risks of inaccurate reporting and how to avoid costly penalties. At Burgess Hodgson, we guide our clients through this complex landscape to help them stay compliant and confident.

The Risks of Inaccurate Disclosure

Inaccurate or incomplete tax disclosures can lead to significant consequences, including:

  • Penalties and Fines: HMRC imposes tax-based penalties ranging from 0% (for genuine mistakes made with reasonable care) to 100% (for deliberate concealment).
  • Interest on Unpaid Tax: Interest accrues from the original due date, potentially over a 20-year period, at rates currently around 8% per annum.
  • HMRC Investigations: Errors can trigger lengthy, costly investigations.

How Burgess Hodgson Helps You Avoid These Risks

Our experienced tax professionals work closely with you to:

  • Ensure Accurate Disclosure: We help you maintain thorough records and submit complete, accurate information to HMRC.
  • Minimise Risks: By applying expert knowledge and proactive checks, we reduce the chance of errors that might attract penalties or investigations.
  • Maximise Tax Efficiency: We identify legitimate allowances and reliefs to optimise your tax position within the rules.
  • Support You During Investigations: If HMRC opens an enquiry, our team provides clear guidance, prepares you thoroughly, and represents your interests throughout the process.

What You Gain by Working with Burgess Hodgson

Partnering with us means you benefit from:

  • Expertise: Our team brings over 80 years of experience helping SMEs navigate tax compliance confidently.
  • Tailored Advice: We customise our approach to fit your specific business and financial situation.
  • Proactive Partnership: We build strong relationships to provide strategic, ongoing support—not just one-off compliance tasks.

Peace of Mind: You can trust that your tax affairs are managed accurately, compliantly, and with an eye toward minimising risk.

Your Trusted Partner in Tax Compliance

When clients come to us for tax return assistance, we ensure they claim all eligible allowances while strictly avoiding any incorrect disclosures. Our goal is to help you be as tax efficient as possible within the rules and to prevent unwelcome HMRC investigations or penalties.

Get in touch with Burgess Hodgson to discuss how our tax compliance expertise can help protect your business and ensure regulatory confidence.

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