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After the press coverage about the new 'amnesty' for disclosing unpaid tax liabilities, my firm was approached by a restaurant owner who said he might want to take advantage of this facility. He went on to say that he had suppressed around 15% of takings for the last ten years, and had also paid a number of staff partly in cash to reduce National Insurance costs. He hasn't put any of the money offshore.
After the press coverage about the new 'amnesty' for disclosing unpaid tax liabilities my firm was approached by a restaurant owner who said he might want to take advantage of this facility. He went on to say that he had suppressed around 15% of takings for the last ten years and had also paid a number of staff partly in cash to reduce National Insurance costs. He hasn't put any of the money offshore.
I have two questions. As this is tax evasion do I have a money laundering reporting obligation? Secondly can this individual take advantage of the amnesty even though there is no offshore element to his evasion?
I should be grateful for advice here.
Query T17 010 — Robin Hood.
Reply by Hodgy:
Dealing first with the question of money laundering Robin Hood has been informed by his client that he...
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