Tax Planning Strategies

TAX PLANNING RISKS & RESPONSIBILITIES

All tax planning,  like any business decision, can carry a risk. Involvement in some of the more advanced tax strategies can involve a significant degree of risk.

Depending upon the strategy you may need to consider taking legal taxation and financial advice.
Before making any decision whether to undertake planning or not you should consider the potential risks which include but are not limited to the following:

• The details of the strategy have been prepared on the basis of the current tax legislation and HMRC (HM Revenue & Customs) practice concessions and interpretations. If these or tax rates change then the changes may be applied retrospectively. Such changes could have an effect on the proposed planning.

• The tax benefits outlined may cease to apply if your circumstances change  such as you become non resident or ordinarily resident for tax purposes in the UK.

• HMRC has the right to enquire into tax returns submitted and covered by the proposed planning. HMRC may challenge Counsel's Opinion obtained in respect of the proposed tax planning. In the event of a successful challenge by HMRC you may lose your entitlement to the tax relief and be liable for penalties and interest on      any tax relief previously received.

• Your tax position depends upon your own particular circumstances and there is no guarantee that HMRC will agree that the tax relief proposed will be applicable in your circumstances.

• If the appropriate paperwork is completed incorrectly or not submitted on a timely basis then this could have a detrimental effect on the proposed planning.