What is tax evasion and how does it happen?
Cheltenham accountants conduct great work and help their local community with their expertise. Accountants conduct a lot of work for both companies and individuals. They often help their clients with financial planning and taxes. They often also help companies with tax avoidance, which is a legal way to pay less money. This is, however, very different to tax evasion, which is illegal. Many people do not know if their company is run correctly, and therefore need advisers which include accountants.
Tax evasion is different to tax avoidance as is uses illegal methods to avoid paying tax. This includes not filling out a tax return, not reporting all income and hiding taxable assets from HMRC using a variety of methods including fake offshore accounts. There are thousands of offshore accounts hiding money for wealthy and powerful individuals in the UK. They often use offshore tax havens all over the world. A tax haven is a country that offers foreign businesses and individuals little to no tax liability. They often also hide any financial information with other nations or tax authorities. Leaks do occur and are posted on the internet. These leaks often reveal that the largest companies usually pay the least amount of tax, causing a lot of frustration amongst working-class and middle-class individuals who pay large amounts of tax to their governments.