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HMRC Collect £122 Million In Tax…Abroad!

If you thought hiding money in offshore accounts or overseas bank accounts was a good idea, then think again. No more, is it a good idea.

Here at Contractor Accountants we have always been against offshore and overseas shenanigans, and we really dislike those Billionaire Playboys.

Our motto is simple:

“Do everything above board and by the book and you will avoid having the book thrown at you by a judge in a court of law before they slam down the hammer and send you directly to prison for a very long time!”

That is our motto.

However, not everybody is listening to us here at CA. They are still acting like rascals and trying to hide money from HMRC by stashing it abroad.

Well, there is a new sheriff in town, and it goes by the name of “CRS.” The new CRS rules state that more than 100 countries can now share tax data, which makes it easier than ever before to catch the tax cheats and dodgers.

So easy that HMRC have just collected £122 Million pounds in tax on overseas assets. And it is all thanks to CRS.

CRS stands for Common Reporting Standard, and it allows HMRC to get data from banks, investment entities, insurance companies, trusts, and foundations from all over the world.

You can have money in Spain or Saudi Arabia…In Mexico or Malaysia…thanks to CRS it is no longer safe from the prying eyes of HMRC.

Right now, as we speak, there are over 3 million UK taxpayers with financial interests abroad, and if this includes you then we advise you to do everything in compliance and in line with HMRC rules.

The best way is to hire a contractor accountant who can look at your situation and tell you the best way forward.

A good contractor accountant will help you pay less tax legally…and they will show you ways to save money on tax you wouldn’t believe, all above board.

They might even advise you to ship money from abroad and back to the UK. They are the Captain’s and they know the right course to take.

For example, if you had been consulting with a contractor accountant last year, then you would have known about the new RTC rule, which gave British tax payers a grace period before the CRS rules came into effect.

17,000 British tax payers took advantage of this, which means they didn’t get caught with their pants down. Many of those 17,000 would have been with a Contractor Accountant. You can bet on that.

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