Further evidence of HMRC getting tough.
Two items of news from HMRC highlight the importance of keeping your tax affairs in order and being prepared for an enquiry or investigation from the tax man.
- The first is the launch of the Tax Catch Up Plan, a campaign that targets people providing private lessons (as private tutors and coaches) who have may have undeclared tax liabilities. This is a follow up to a similar scheme targeting plumbers and other tradesmen, which resulted in 6 arrests and hundreds of civil investigations.The campaign is targeting everybody from academic tutors to dance instructors, and you have until 31st March to declare and pay outstanding tax. If you come forward before the deadline then you will get better terms for pay back and any penalties will be limited.
If you sit tight then HMRC are saying that they will use various sources to identify you. You’ll then be liable for higher penalties and there is a threat of prosecution too.
- The second item that you may want to be aware regards wealthy individuals who own land or property abroad. HMRC has announced that it will be using database analysis techniques to identify these individuals and highlight people who either don’t appear to be legitimately able to afford the property or not declaring correct and gains from the property itself.
Even if you are acting perfectly legally the potential exists for this to create an excuse for the HMRC to conduct some form of enquiry or investigation.
If you need any help ensure that your accounts are completely up to date or that you are compliant with the latest tax regulations then call us today on 01384 235549 or email email@example.com.
Lewis Smith & Co. – Serving businesses in Stourbridge, Pedmore and Lye for 30 years.