HMRC Closing In On Undeclared Income
Whilst HMRC acknowledges that ‘the vast majority of UK individuals and businesses pay the tax that is due’, the hunt is on for the ‘small minority who don’t’. Loss revenue for the Treasury blamed on tax evasion and avoidance is mind-numbing, worth an estimated £9 billion.
HMRC’s intended targets are not limited to ‘large multinational corporations’ and ‘wealthy individuals’ who use offshore and tax avoidance schemes. The warning is out there for…absolutely anyone who cheats on their tax return – or who fails to submit one. Prominently in HMRC’s eyesight are people ignoring their tax return notices; landlords and professionals from the Health and Wellbeing industry, all areas which are the object of specific anti-fraud ad campaigns.
Cynics may question if these campaigns have any significant effects in reducing the ‘tax gap’. In his revised policy dated January 15, 2014, David Gauke MP, Exchequer Secretary to the Treasury puts any doubters to rest ‘Since 2007 HMRC campaigns have collected over £552 million in tax (…) and over £224 million from a large number of activities’ that include the ramping up of investigations resulting in record number of successful prosecutions. Key to this success is the enormous government-funded investment in new technology and the recruitment of an additional 200 criminal investigators.
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