Act now: It's time to get clients' tax affairs in order

The unprecedented increase in momentum for governments worldwide to create greater tax transparency is a hot topic for advisers and clients alike. For those seeking to evade tax, the world is rapidly shrinking. However, there are several opportunities for errant taxpayers to regularise their affairs in order to minimise the impact of these developments. There are two key elements to HM Revenue & Customs’ (HMRC) strategy to clamp down on offshore tax evasion: • Increasing the opportunities for overseas territories to enter into Tax Information Exchange Agreements to facilitate the d...