COP8 /COP9 Inversigation
We hope you never have to go through HMRC’s business or personal civil or criminal investigation. If you find yourself or your business under investigation, the Bedrock team can help you through the process.
Many are concerned that clients and friends will be informed of the investigation, and although HMRC is obligated to maintain taxpayer confidentiality, it is not necessary that all of their questions be answered. keep secret. HMRC has ‘naming and shaming’ provisions, but these are generally not used except in severe cases of fraud. However, criminal prosecutions take place in court and will therefore be in the public domain.
Code of Practice 9 (COP 9) and Code of Practice 8 (COP8) cases are serious and you should act quickly if you receive notice from HMRC that they are opening such an investigation. about your tax matters. For example, if you receive a COP9 letter, you must disclose the summary within 60 days and disclose the details thereafter. If you do not release the summary, you may be subject to criminal investigation. COP9 takes it very seriously and we have the experience and expertise to help you.
If you find out you’re under investigation, contact us as soon as possible so we can help you. Some HMRC processes are time-limited, so it is important that you do not delay resolving the situation.
Most HMRC claims are resolved under civil law, where financial penalties rather than imprisonment may be imposed. However, when there are criminal charges, fines and in extreme cases can be jailed.
HMRC’s powers mean their ombudsman can look into your past. As for penalties, these can vary and depending on whether HMRC suspects malpractice or not, in which case it’s four years in prison but if they suspect carelessness it’s fourteen years and in the case of fraud is twenty years.
Tax investigations can take a considerable amount of time. An exact timeframe cannot be established, but the Bedrock team will always seek to resolve any issues as quickly as possible to avoid additional penalties or interest on refunds.
How can we help?
If you choose to seek professional advice from Buzzacott, we will:
Undertake a full assessment of your tax matters, working with you and your professional advisors, to make sure they are I fully understand the problems and risks you are facing.
For the purpose of speeding up your investigation until all matters are resolved and closed to your satisfaction with minimal cost and disruption to you.
If disclosure is necessary, we will tell HMRC to ensure that you are treated fairly and fairly; and
Plan a future strategy to minimize your chances of incurring unnecessary taxes, interest, and penalties.
Benefits
CPO8 and CPO9 refer to the Chartered Institute of Procurement and Supply (CIPS) qualifications for professionals in procurement and supply chain management. An investigation in the context of CPO8 and CPO9 may refer to the process of conducting research and analysis to identify and address issues related to procurement and supply chain management. Here are some potential benefits of conducting CPO8 and CPO9 investigations:
Improved Efficiency: CPO8 and CPO9 investigations can help identify inefficiencies and areas for improvement in procurement and supply chain management, enabling organizations to optimize processes and reduce costs.
Enhanced Compliance: CPO8 and CPO9 investigations can help ensure compliance with relevant laws, regulations, and ethical standards, reducing the risk of legal and reputational issues.
Risk Mitigation: CPO8 and CPO9 investigations can help identify and mitigate risks related to procurement and supply chain management, including fraud, corruption, and supply chain disruptions.
Strategic Decision Making: CPO8 and CPO9 investigations can provide valuable insights and data, enabling organizations to make informed strategic decisions related to procurement and supply chain management.
Competitive Advantage: CPO8 and CPO9 investigations can provide organizations with a competitive advantage by enabling them to optimize processes, reduce costs, and ensure compliance and ethical standards.
If you or your client are the subject of a COP8 or COP9 tax investigation, the position published by HMRC is: familiar with this code of practice, in addition to trying to their usual problems.
Expert advisors can guide you through potential pitfalls to ensure you are better protected. They will also allow you to pass any fees from HMRC and will reduce the overall cost of any investigation.
When considering appointing an expert representative for COP8 or COP9 investigations, clients and advisors should ask themselves the following questions:
Do you feel comfortable dealing with HMRC FIS?
What if the COP8 investigation escalates into a COP9 fraud or criminal investigation?
What are the possible penalties involved and do you know the best way to minimize them?
Are there any errors in your tax affairs that you should disclose, and if so, how did they happen?
Are you sure about intentional and unintentional irregularities, and are you sure you can defend this position if HMRC urges you to?
What is the best way to approach your tax matters to achieve a better agreement or outcome with HMRC?
Do you have to accept the CDF's offer and what if you decline?
Can you go to jail?
Can you be declared a tax evader?
HMRC receives a large amount of information and data from third parties inside and outside the UK, which has resulted in an increase in the number of COP9 and COP8 cases being opened.
Menzies experts have extensive experience in guiding clients through all serious tax investigations and disclosures. We can and have a reputation for helping our clients achieve the best results possible.
For a variety of reasons, it's always best to be proactive and get some guidance from an expert on how to approach HMRC before they approach you if that's still an option.
GET IN TOUCH
We prepare taxes, plan for the future, and provide advice on all of your financial needs. We take a comprehensive approach to our clients. We don’t just apply a single solution.
Call or email us any time or, simply fill out the contact form below and a member of our team will be in touch.