A number of wealthy taxpayers – which HM Revenue & Customs (HMRC) defines as anyone who earns over £200,000 a year or has assets of over £2 million – have been invited to chat with HMRC before filing their tax returns in a bid to prevent errors.
A Wealthy External Forum has also been set up to engage with organisations and create a better channel of communication with tax advisers.
New scheme
This is part of a new pilot scheme launched in April 2022 by HMRC.
It was not discussed with any professional organisations beforehand and it appears that the letters have only been sent to individuals instead of being copied to any tax agents or advisors, so please do not assume we are aware if you receive one.
The idea behind this is that HMRC can discuss any one-off transactions, changes in circumstances that may affect their taxes and any other common issues that come up in the past years.
It is not clear what this scheme will do in the long term as the letters say that any phone calls will not be classed as tax advice.
Receiving a letter such as this might make you assume that something is wrong, which is not necessarily the case.
What does this mean for you?
Regardless of your circumstances, if you have received a letter from HMRC encouraging a phone call to discuss your taxes, contact a tax adviser to ensure you are up to date on your information.
Calls with HMRC can be daunting despite being routine on their part.
A joint meeting is recommended as tax terms can be complicated and easily misunderstood.
We can help you with this and other topics. Contact us today.
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