HMRC launch new investigation campaign

HM Revenue and Customs (HMRC) have announced that a new campaign is to be launched, aimed at people who fail to make Tax Returns, and who are liable to pay tax at the highest rates.
 
HMRC will then target trades people working in the home improvement market, and people who receive income or commission from buying and selling goods direct to others, in two further campaigns to be launched later in the year. 
If HMRC discover under-declarations, a criminal investigation may be opened, they can go back for up to 20 years, and in addition to the extra tax and interest payable, penalties of up to 100% of the tax owing can be charged - but if a voluntary, unprompted disclosure is made, penalties should be significantly reduced, and HMRC will not generally look to prosecute or collect for so many years.

If you have any questions about the best way to deal with such a matter, please contact Anne Wright

For the full HMRC announcement please visit HMRC website

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