Author: Salhan Accountants
HMRC swoop on businesses in tax investigation
HM Revenue & Customs (HMRC) has highlighted its tough approach by paying surprise visits to businesses in Essex. HMRC officers targeted businesses in and around Southend-On-Sea on 15 May, including a car wash that was estimated to owe more than £250,000 in tax, including in income tax, national insurance and VAT. Caroline Benbrook of HMRC’s… Read more…
Landlords get reminder on tidying up tax affairs
HM Revenue & Customs (HMRC) has issued updated guidance for landlords who let out residential property to help them get their tax affairs in order, as part of a campaign that could lead to new tax investigations. The Let Property Campaign was first launched in September 2013, when HMRC said it estimated that up to… Read more…
Budget paves way for more tax investigations
Chancellor George Osborne has used his final Budget speech to warn that the UK’s tolerance for people who fail to pay their fair share of tax “has come to an end”, signalling the likelihood of more tax investigations. He also unveiled a package of measures designed to continue the government’s crackdown on tax avoidance and… Read more…
Osborne pledges more tax crackdowns
Chancellor of the Exchequer George Osborne says the 18 March Budget will include further action to tackle tax evasion and tax avoidance, which could trigger a further increase in tax investigations. Speaking in the Commons on 23 February, answering questions triggered by BBC1’s Panorama report on a tax scandal affecting HSBC’s Swiss subsidiary, Mr Osborne… Read more…
Tax collection drive ‘targeting entrepreneurs and professionals’
New research suggests that more entrepreneurs and professionals are coming under the scrutiny of specialist units at HM Revenue & Customs (HMRC), which could increase the chance of tax investigations. Law firm Pinsent Masons analysed data provided by HMRC and found that its Affluent Unit collected £137.2 million in additional tax from investigations in 2013-14,… Read more…
Small firms pay extra £3.9bn in VAT
New research has found that HM Revenue & Customs (HMRC) took a record £3.9 billion in extra VAT from tax compliance investigations into small businesses in the 2013-14 financial year. The figure, which was ten per cent up on the £3.6 billion total for 2012-13, has shot up from £2.2 billion in the 2010-11 tax… Read more…
