Following the recent crackdown on restaurant businesses, which sector is going to be next to face inquiries from the taxman? HMRC teams are sequentially targeting different sectors of the economy as it looks for new sources of revenue. The latest sign restaurant and takeaway businesses are being targeted is that they made up 19%* (25… Continue reading Following HMRC’s latest crackdown on restaurants, who’s next in 2018?
HMRC returns from personal tax investigations have jumped by 64% in the last year, as the threat of expensive and drawn out court action has discouraged people from fighting their tax claims. HMRC has collected £1.4 billion in 2016/17 from investigations into self-assessments by individual taxpayers, a steep rise from the £856 million collected in… Continue reading HMRC gets tough on self-assessment taxpayer errors
HMRC’s Executive Chairman Edward Troup has warned taxpayers that HMRC will not compromise when taking legal action against them. Taxpayers can therefore expect HMRC to maintain its increasingly hard-nosed attitude in any upcoming investigation. Troup was speaking at PfP’s Tax Investigations Conference in London on Friday 13th October. During his speech, Troup warned that HMRC… Continue reading HMRC warns businesses that it will not compromise when taking legal action – creating more risks for innocent taxpayers
In order to maximise revenue, HMRC is stepping up investigations into small and mid-sized enterprises (SMEs). As a result, more and more SMEs are now at risk of an inquiry from the taxman. New data shows that HMRC collected £504m in extra tax from investigations into the tax affairs of SMEs last year, an 8%… Continue reading HMRC investigations into SMEs yield over £500m in the last year
In order to maximise its revenue from compliance investigations, HMRC is putting increasing pressure on small and medium sized businesses. As a result, many businesses could be at risk of inquiries into their tax filings. For example, data recently disclosed by HMRC shows they collected £3.4bn in extra tax through investigations into SMEs for underpaid… Continue reading HMRC collects extra £3.4bn from SMEs following VAT inquiries
HMRC is seeing falling yields from its investigations into individuals and SMEs and as a result, may ramp up activity in order to maintain the returns made through investigations. Investigations into individuals and SMEs yielded £15 for every £1 spent on investigatory staff last year, down 17% from the £18 yielded for every £1 spent… Continue reading HMRC sees falling yields from investigations into individuals and SMEs – crackdown from Revenue expected
The majority of taxpayers choose their accountant to file their tax returns. Research revealed that 65% of taxpayers instructed an accountant when dealing with online tax returns. This highlights the vital role that accountants continue to play in guiding clients through the complexities of the system. As many taxpayers will realise, filing tax returns is… Continue reading The majority of online self-assessment tax returns are submitted by accountants- and for good reason