Code of Practice 8

Code Of Practice 8

Details

A Code of Practice 8 or COP8 is the HM Revenue and Customs (HMRC) Fraud Investigation Service (FIS) when there has been a significant loss of revenue due to suspect tax fraud or tax avoidance undertaken and wishes to recover the large tax amount.
While dealing with COP8, HMRC, as a part of the investigation, will require checking a large number of records and complex data analysis. They would even approach third parties for information gathering and cause serious reputational damage by investigating your suppliers, customers, employers, bank, and any of the financial institutions you are involved with.
Though COP8 is carried out on a civil basis, during the investigation, if HMRC suspects severe fraud, it could even be dealt with under COP9 and even seek a criminal investigation.
Hence, specific caution should be taken to avoid the matter being converted to a criminal investigation. Dealing with FIS COP8 inquiry needs to be done through specialist support as it is risky, especially, because of the risk of Criminal Prosecution, time-consuming, and expensive because of the tax payment and penalties being extremely high. If proper disclosure is made by the taxpayer, the tax penalties could be significantly reduced.
Ensure to seek the help of a professional advisor who will help you to comprehend the scope of HMRC investigation process and help you submit all the requisite information as requested by HMRC.

Offshore tax and Correction required

HMRC is now focused on offshore matters with regards to the individuals who reside in the UK (even if they may not be technically resident or domiciled in the UK).
With the enforcement of the Automatic Exchange of information legislation, most of the tax authorities in the world are now gathering and exchanging information with other countries in the world.
Each taxing authority gathers information from financial institutions, banks, building societies, insurance companies, and investment companies, and wherever there is a linked address to someone in another country, they are automatically transmitting the information to the tax authorities in the relevant country.
The exchange of this information has already led to HMRC’s Risk and the Intelligence Unit sending out a significant number of standard letters asking people to confirm that they have declared all of their income.
Dealing with the HMRC investigation can cost you time, energy, and money. Ensure that you co-operate appropriately, reasonably, and proportionately in your case with HMRC. When HMRC feels satisfied with the tax affairs to be in order or settled appropriately, the case will be closed.

How Can We Help You!

The client individually volunteering to approach HMRC for the disclosure of tax can be a nerve-wracking experience, and COP8 inquiry is a daunting process. Our Tax investigation specialist has adopted managing interactions with HMRC to ensure a smooth process with our experience to date.

Some cases require robust attitudes, whereas, some with the practical and discreet solution for negotiating with HMRC. We ensure our clients the personal approach and provide all the necessary guidance required to clarify the complex issue. We ensure to keep the client fully informed throughout the process.

FIS COP8 From HRMC

In case you or your client has received the FIS COP8 from HMRC, and need specialist guidance, connect with us immediately.

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