Code of Practice 8 Investigation

Self Assessment | CGT

COP8 Investigations start when HMRC have a tip-off and suspicion of tax avoidance. It would be best if you talked to us before you reply to HMRCas it may have serious consequences

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Specialist Code of Practice 8 Investigation Accountants


There are several tax avoidance schemes that an individual can be held accountable for, relating to several different taxation sections. Share Loss Relief Schemes, Employee Benefit Trusts, Stamp Duty Schemes, Film Partnership Schemes, Pension Schemes, and Inheritance Tax Schemes all fall under the bracket of tax avoidance as well as subsections associated with the various schemes. HMRC’s anti-avoidance group will attempt to close any loopholes being used to exploit tax avoidance, dependent on which type of scheme is being used. There are many serious repercussions to any individual found using a tax avoidance scheme. Being found guilty of participating in a tax avoidance scheme can potentially lead to criminal prosecution and serving a prison sentence. With the complexities surrounding tax avoidance and the process of the Code of Practice 8 Investigation, let our professional tax accountant examine your returns or offer advice from the earliest opportunity.

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Normal accounting is focused on reporting profit or loss of the business and will be governed by GAAP. But Tax accounting is majorly focused on the impact of transactions on tax liability.

Every business including sole traders, partnerships, limited companies and large business will plan for their taxes and make amendments to financial statements and include any past or future tax liabilities through tax accounting entries.

Tax accounting enables and empowers business to comply with tax law and prepare for any future tax liability. Tax Accounting is part of accounting which will be governed by the laws of taxes in that jurisdiction. Apart from tax compliance, tax accounting will help you generate cash flow in real terms. Any future tax liability will be added to cash flow of business in order to save money for future tax payments.

HMRC have published guidance to record income and expenditure on cash basis or accrual basis. They will accept any tax planning which is part of final accounts and is not tax avoidance.

No tax accountant is not more expensive then a normal accountant. We have specialist knowledge and experience to minimise your tax bills.

There is not much difference in the costs. Most of tax accountants will charge for advice and tax planning. Whereas accounting will be the same for every business. The difference is to include tax planning in accounts. 

Your accountant may have included some normal tax provisions. If not you may be able to make adjustments in your current financial year. If you are loosing any tax reliefs, you may need to amend accounts and resubmit to HMRC and companies house.

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If you need advice regarding your personal circumstances, please call our office or book an online appointment.

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