It has been reported that HMRC has extended its enforcement programme and announced a wave of new taskforces to target tax evasion in specific areas. These include:
More Restaurants subject to Tax Investigation
HMRC will be targeting restaurants in the Midlands area. They will send teams of investigators to look at the tax affairs of restaurants to ensure that they are paying all of the tax. This can be from not declaring all of the takings with the subsequent VAT and direct tax implications from what HMRC consider to be a tax fraud, to ensuring that PAYE is operated correctly and tips are dealt with and declared.
Tax Investigation relating to Income from Property
With the big increase in people who own a buy to let property HMRC have discovered that many of these landlords do not declare this rental income on their tax returns. HMRC therefore believe this is a big area for potential tax evasion. In reality most of these properties make very little profit and often make losses. Regardless the income should be notified to HMRC.
The latest tax evasion enforcement programme will target people who rent out property in London, Leeds, York, Nottingham Lincoln and Durham to see if they have declared all of the rental income. It is believed that they will be focussing on the student rental market.
Tax Investigations for Taxi Firms
Taxi drivers and businesses are the next target for HMRC tax investigations in Nottingham, Yorkshire, and the Midlands.
Market Traders Tax Investigations
Last but not least for a tax investigation will be the Market Traders in and around London.
There have already been such targeted tax investigation in Scotland, London and the North West and has been reported that approximately 30 companies have been prosecuted and HMRC is projecting that it will collect more than £13m from the Civil Tax Investigations.
This is a continuation of a programme which is expected to last a number of years focussing in on these sort of trades.
If anyone has any problems with regards to their own tax affairs it is often best to come forward before HMRC contact you. This reduces any risk of prosecution and also in civil tax investigation cases reduces the interest and penalties as long as the matter is handled appropriately.
Gilbert Tax can help you
For most people, the simple thought of having to deal with an Tax Investigation or disclosing tax evasion is so terrifying that they avoid the issue altogether and often find themselves in even greater tax investigation difficulties with higher bills than they need to. There is no need to let problems large or small with the HMRC escalate to the point where your quality of life and happiness suffer.
At Gilbert Tax, we have over eighty years experience in finding closure for clients dealing with Inland Revenue tax investigation and significant experience in dealing with tax amnesty schemes and tax evasion issues.
We are also skilled in negotiating with HMRC, relative to tax evasion, so as to avoid or limit financial penalties for the individuals or businesses who find themselves subject to a tax investigation.
For a private discussion of your tax matters, please call Gilbert Tax on 0800 734 3333 or email us at firstname.lastname@example.org.