HMRC have increased tax investigation activity. Are you covered?

April 28, 2016 Categories: HMRC
magnifying glass and phone indicating tax investigation activity

We offer free a tax investigation service to our personal tax clients and at an economic rate to business clients. Why is this cover so important?

HMRC is targeted to deliver a record £26.3bn in additional yield from compliance activity during 2015/16. Staff are being drafted into specialist teams and Connect, HMRC’s award winning analytical data system, is increasingly being used to identify suitable businesses and individuals for investigation.

Businesses

  • Smaller businesses including painters and decorators, driving instructors, taxi drivers and pharmacists are being subjected to benchmarking
  • Merchant acquirers now report credit and debit card transactions, enabling HMRC to monitor the income being declared by retail businesses
  • £5.9bn was collected in extra tax during 2013/14 by the Large Business Service

Individuals

  • Over £1bn has been collected so far from campaigns focused on doctors, plumbers, electricians, landlords and online traders
  • The Affluent Unit handles people with a net worth between £1m-£20m, or an annual income of over £150,000. Over £137m in extra tax was delivered by the Unit in 2013/14
  • The High Net Worth Unit, which deals with people with a net worth in excess of £20m, brought in £268m in 2013/14, an increase of 20% on the year before

If you would like to know more please get in touch.