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News - 23 September 2013

HMRC revenue from SMEs up 31%

Investigations into SMEs have produced a 31% increase in yield for HMRC this tax year

The Revenue netted £565m in additional revenue in 2012-13 through compliance investigations into SMEs, up from £434m in 2011-12 and £311m in 2010/11, according to UHY Hacker Young.

Chancellor George Osborne hopes to raise as much as £7bn a year through a tougher focus on tax evasion and avoidance, with HMRC coming under increased pressure to provide this, which is why they are adopting a more aggressive approach and launching targeted Task Forces aimed at specific sectors. 

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Smaller firms are a much easier target than larger businesses, often with limited resources and are therefore in a much weaker position to negotiate over any allegations of underpaid tax than a bigger corporate entity.”

If you need any help and advice for your business on Partnership Tax, Corporation Tax or you need to keep abreast of changes in legislation and how it could impinge upon your business, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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