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Tax Tip

Latest HMRC Targets 14/11/11

Five New tasks Forces were announced this week to tackle tax evasion in different areas of the country.

The new taskforces will target:

• Scrap metal dealers in Scotland, focusing on those who are deliberately suppressing their income or inflating expenditure to evade paying tax

• Construction traders who are self employed or run their own company who suppress sales or over-claim expenses in the North West and North Wales

• Taxpayers not submitting their statutory returns across Corporation Tax, Income tax Self Assessment, PAYE and VAT in the South East

• Fast food outlets deliberately falsifying their records and mis-declaring their true sales levels to avoid paying the correct taxes in Scotland

• Landlords – owning or renting three or more properties – evading their tax responsibilities in North West and North Wales.

Taskforces are specialist teams that undertake intensive bursts of compliance activity in specific high risk trade sectors and locations across the UK.

David Gauke, the Exchequer Secretary, said:

“We will not tolerate those who break the rules. This taskforce will come down hard on scrap metal dealers and their customers or suppliers who have chosen to break the rules or deliberately evade the tax they should be paying. This is just the start. ”

Stuart Coleman, Manager of the Tax Department of ABDS says:

“The first of the twelve proposed Task Forces’ were launched in May, and the others are to follow over the next two years.”

If you need any help and advice with your Tax compliance, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your financial planning and business advice.

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

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