Accelerated Payment
Notices
HMRC Tax Demand
An accelerated payment notice is a requirement to pay an amount on account of tax or National Insurance Contributions. Tax demanded must be paid within 90 Days to HMRC.
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Accelerated Payment Notices
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If a user is involved in a tax avoidance scheme, you will likely be subject to investigation by HMRC. You may receive an APN (accelerated payment notice) from HMRC requesting accelerated payments to ensure your legal compliance with the scheme.
Accelerated payments may be some or all of the tax you expect to save through tax avoidance. This means the disputed tax money (referred to by HMRC as the ‘understated tax’) is held in the Exchequer, which minimizes the cash flow advantage enjoyed by tax avoidance scheme users and promoters until the scheme is in hand has been deemed legally sound and non-abusive of existing tax legislation. If the accelerated payment amount is found to be more than the amount found to be due once the compliance check is complete, HMRC will generally repay any extra.
Payment must be made within 90 days of receiving an APN. If a scheme user has problems paying the total amount, HMRC can be contacted to arrange a payment plan. HMRC are renowned for the fair treatment of those who can’t pay their dues immediately.
There are corrective actions that can be taken against an APN. For example, if the user files an appeal, enters an agreement to relinquish the advantage of the scheme and informs HMRC that they’ve taken action and the amount that is now payable, there is no need for accelerated payments.
We as tax accountants, will not advise you to pay the amount demanded by HMRC on APN but would recommend calculating your taxes fairly and filing your tax returns correctly. It’s a chance where HMRC can allow you to come clean if you owe any money to the taxman.
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We Are Professional Accountants, Tax Advisors and Business Consultants
Our team consists of highly qualified accountants, Ex HMRC Tax Inspectors and industry known business consultants
For various reasons, HMRC may decide to investigate your business to determine any tax payment or discrepancies.
Tax evasion is also referred to as tax fraud, which should indicate how seriously it is taken by HMRC. Call us if you are under Tax Evasion charge.
Avoiding tax is the deliberate arrangement of using legal methods to lower tax liability. Technically its Legal but may be fall into avoidance.
Every different form and band of tax see the application of a separate penalty for misconduct, usually in the form of a fine.
If you are self-employed or have a small business, let our team of best accountants and tax advisors take care of your accounting and tax compliance
FAQs
We have tried to answer some of the frequently asked questions for taxpayers, individuals and businesses. However, if you need any further help or explanation, give our team a call for free advice.
- Late filing of your returns
- Your income has fallen by a significant amount
- Inconsistencies between different returns
- Incorrect information is given
- A tip-off that HMRC has received
- The result of a random check
Not answered above?
If you need advice regarding your personal circumstances, please call our office or book an online appointment.
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