UK accounting firm, Grant Thornton has warned all firms with business connections to offshore jurisdictions to review relevant transactions in order to ascertain that they are all legitimate and charged correctly.
Speaking to the icCoventry news service earlier this week, Grant Thornton senior tax investigations manager, Gary Ashford explained that:
"We are aware the Revenue has recently set about reviewing the files of all companies and individuals with offshore connections as part of a national initiative."
"The aim is to investigate transactions between UK individuals and companies with tax havens on matters such as purchases, sales, rents, management fees and royalties."
Mr Ashford went on to reveal that as part of its crackdown on cross-border tax fraud, the Inland Revenue is also looking to identify the beneficial owners of parent companies located offshore, in addition to the owners of stand-alone offshore companies doing business with UK firms.
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