The new company, Watt Busfield Tax Investigations LLP, will look after the clients of accountants, lawyers and financial services practices who recommend it to them, Watt and Busfield said in a statement announcing the formation of their new business.
WBTI, they said, “will offer confidential advice to any UK individual, partnership or company on how to take full advantage of various voluntary disclosure opportunities provided by HM Revenue & Customs”, or will help individuals who have “already been challenged” by HMRC in making their disclosures.
“The recent publication by HMRC of the photos of a number of alleged tax defaulters who have absconded from justice is an unprecedented example of how HMRC is intent on increasing its criminal investigation activity,” Watt and Busfield added.
“In addition, last year’s agreement between authorities in the UK and Switzerland will ensure that untaxed funds held in Swiss banks by UK resident individuals will be regularised, albeit on an anonymous basis. However, there is no guarantee that those who suffer this tax will be immune from investigation at some time in the future.”
Watt’s background includes a number of years spent with what used to be known as the Inland Revenue, including six years as a fraud investigator in its “Enquiry Branch” (now HMRC Specialist Investigations). He subsequently headed up tax investigations efforts at a number of consultancies. He is currently co-chairman of the Tax Investigations Practitioners Group.
Busfield gained a place on Ernst & Young’s graduate tax rotation scheme in 2002, where she passed her ATT and CTA exams, after starting her career as a management accountant at a Lloyd’s of London syndicate. She ended up concentrating on tax risk management at E&Y, where she specialised in managing HMRC enquiries.
She moved to Alvarez & Marsal in 2008, where she specialised in Code of Practice 9 and LDF disclosures.
