HM Revenue & Customs is under huge pressure to increase tax revenue and “close the tax gap”. The government has made £900m available to HMRC to tackle non-compliance in the UK tax system. It is expected that this investment will generate up to £7bn per annum of additional tax revenues. To achieve this target, HMRC has commenced an unprecedented number of compliance activities to identify and challenge those who it believes have not paid the correct amount of tax.
HMRC has improved its systems and made use of “clever technology” to help make their information gathering processes more effective. This allows the Inspectors of taxes to be more equipped and have access to more readily available information. Therefore HMRC investigations are becoming more targeted and direct.
HMRC taskforces and initiatives will focus on various business sectors, identify key trading trends and aim to expose offenders.
Penalties in such cases can be up to 100% of the undeclared taxes.
If you have a voluntary disclosure to make, our tax team can help you to secure the best possible outcome. Our tax team use their experience and skills to assess your case on an individual basis.
An investigation by HMRC can cause stress and anxiety. It can be extremely disruptive to an individual and their business. Our team has spent many years successfully operating in this sector working alongside senior tax professionals who have operated within HMRC. We have the technical ability to resolve matters quickly and secure the best results for individuals and their businesses.
Our tax team will make you aware of your principle rights and obligations. Appoint our tax team to deal with your case immediately. To speak to someone confidentially, call our helpline on 0131 516 3708
In the world of Contracting you may be worried about IR35, and how it may affect you. But before you start to panic about getting a massive tax bill you need to understand what the IR35 regulations are and what they mean to you.
If you own more than 5% of a limited company and a single client contributes 60% or more to your turnover, you have a contract between your limited company and that client, you work in the client premises, using client equipment and under their control. Then you may well be in ‘disguised employment’ according to IR35 legislation.