HM Revenue & Customs has issued official guidance on the difference between tax evasion, tax avoidance and tax planning.
In this video, Tony Wickenden walks us through the terminology and HMRC's formal definitions, as set out in its paper 'Tackling tax avoidance, evasion and other forms of non-compliance.'
He outlines how HMRC makes clear that tax avoidance isn't acceptable if it defeats the original intention of government policy.
Tax planning is acceptable, but Tony points out while the rules are clear, they are also complex.
He goes on to discuss the role of tax planning in the advice process, being able to make the right choices for your clients and understanding the tax framework to make those choices legitimately and confidently.
Through Techlink Professional and Techlink Communicator we enable you to:
- Be better informed
- Reduce risk
- Do more business
- Communicate better and smarter
- Save time
To activate your complementary Nucleus user access to Techlink go to https://www.techlink.co.uk/public/nucleus/