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Watling and Hirst Limited, Chartered Certified Accountants and Registered Auditors - Chichester, West Sussex > News > New Tax Evasion Initiative

New Tax Evasion Initiative

Posted on Thursday, 23 December 2010 11:36AM by
HM Revenue & Customs has announced that it will be training an extra 200 investigators in its most far-reaching drive against tax evasion.

These new investigators will be targeting families who pay workmen cash in hand, those who possibly employ a nanny and do not operate an official PAYE scheme and individuals who “rent-a-room” and receive more than the annual tax-free threshold (currently £4,250).

Tax inspectors often travel around, looking in newsagents windows for cards advertising rooms to rent or people offering other services in return for cash payments. Sometimes these are not declared as taxable income by these individuals.

According to reports the Revenue seem very keen to prosecute more people and will try and make an example of some professionals who should have known better. People who make a full disclosure to HMRC can normally avoid criminal charges and settle for a fine instead. These would include individuals who fail to account for PAYE on their full-time staff and buy-to-let investors.

As part of this new initiative the Revenue will be investing £900 million in this drive against avoidance and tax evasion. This will also include a new team of investigators to catch those currently hiding billions of pounds offshore. They will therefore not just be targeting landlords and employers, but will be ensuring that everyone respects the taxation rules, regardless of the size of their income or the nature of their business.

If you feel that you may fall into one of the above categories and would like some advice as to your taxation position, please contact us for a free initial consultation.
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