Tax and Morality

Andrew Whiting Wealth Consultancy LLP will be running the series of articles and events which aim to offer help and guidance to business owners and those who run businesses.

Tax evasion is a criminal offence: it is not something that individuals, or their advisors, should ever consider or engage in. Is it, however, the same as tax avoidance? The answer is no. So why then do we find ourselves in the position, where previously tax evasion was illegal and tax avoidance the acceptable face of tax planning, of now treating these two opposing actions as the same without informed debate or parliamentary action? The answer it would seem is moral outrage.

There are signs that taxpayers can look for to help them decide whether or not they are being given good tax advice, or sold a tax scheme they would do better to avoid. In summary these points are:

  • If it sounds too good to be true, the scheme probably is. Rather than make your tax bill disappear, you are likely to find yourself involved in an in-depth enquiry and you could find yourself in costly dispute with HMRC.
  • HMRC does not approve tax schemes.
  • The arrangement appears overly complex. Money going in circles, out of proportion tax benefits/returns and arrangements where funding is needed by another party are all signs to avoid.

Andrew Whiting02If nothing else, a tax-payer should be aware that using tax-avoidance schemes will mark them out for special attention.

Understanding the demands that are involved in managing and controlling a successful business, Andrew Whiting Wealth Consultancy LLP offer complimentary events as well as no obligation surgeries.

The next complimentary wine tasting and investment information event, held specifically for business owners wanting to find out more about the services of Andrew Whiting Wealth Consultancy LLP, is on the evening of Thursday 20th November, at The Cube in Birmingham. Spaces are limited and therefore to reserve your space, register your interest online today, email or call 0121 215 0926.

The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.

Andrew Whiting Wealth Consultancy represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group's wealth management products and services, more details of which are set out on the Group's website