Business News
Tax underpayments will be uncovered
You may remember an article earlier in the year focussing on the tax underpayments review that has been under way since the beginning of 2010. This has highlighted issues within the medical profession, plumbers and gas fitters within other initiatives and so during 2011, HMRC taskforces have been working to further highlight these high risk target areas to bring those breaking the rules into check.
The review covers £917milliion in spending and brought around by the government, with the task force initiative making up part of this review in order to target fraud, tax evasion and avoidance from 2011/2012 with a target to raise £7bn by 2014-2015 in additional capital.
Each taskforce team will be looking to uncover and bring to justice those businesses owing tax from avoidance, fraud and evasion by carrying out vast and intensive compliance activity, and with 12 planned coming into 2012 and more to be announced, many businesses will be looking to answer some questions should dealings not be up to scratch.
Paul Kennard, SME business unit head for HMRC in Scotland and Northern Ireland, commented: “Honest businesses have absolutely nothing to worry about. Only those who choose to break the rules, or deliberately evade the tax they should be paying, will be targeted."
|
Target/industry |
Date |
Areas |
Checks |
Unpaid/ prosecutions |
Tax gain |
|
Medical professionals [3] |
Jan '10 |
All |
|
|
|
|
Plumbers [4] |
Mar '10 |
All |
600 |
??/5 |
|
|
VAT non-registered [5] |
May '11 |
SE |
|
|
|
|
Restaurant owners [6] |
May '11 |
London, NW, Scotland |
531 |
45/22 |
£634,050 |
|
etraders [7] |
Jun '11 |
All |
|
|
|
|
Fast food outlets |
Jul '11 |
London |
|
|
|
|
Tutors and coaches [7] |
Oct '11 |
All |
|
|
|
|
Second home owners |
Nov '11 |
London |
|
|
|
|
Scrap metal dealers [8] |
Nov '11 |
Scotland |
|
|
|
|
Fast food outlets |
Nov '11 |
Scotland |
|
|
|
|
Self-employed builders & construction traders |
Nov '11 |
NW & N Wales |
|
|
|
|
Landlords |
Nov '11 |
NW & N Wales |
|
|
|
