HMRC ‘Determined To Increase Number of Prosecutions’

Following on from its recent tax amnesties, HM Revenue & Customs is coming down hard on tax evaders by launching its first 16 criminal investigations as part of its commitment to deliver a five-fold increase in prosecutions. Its enquiries, which have been aimed at specific categories of taxpayer, have raised nearly £500m so far – but this figure is set to soar as further industry sectors are targeted, with doctors now in the firing line.

Last month HMRC revealed that it had set its sights on restaurant owners in London as part of a new, industry-specific team approach which ushers in a “new era for tax compliance.” Now the medical profession is under the same scrutiny, with HMRC expected to soon publish details of members that have deliberately evaded paying tax.

Chris Harrison, HMRC Criminal Investigations deputy director, said: “We are confident that these and more cases will be taken forward in the future. This is proof of HMRC’s determination to increase the number of prosecutions we take forward in all areas – we are committed to ensuring everyone pays what they owe so that the maximum is available to spend on public services used by everyone.“

Another area being subjected to intense scrutiny is financial records. With HMRC taking a hard line on tax evasion and non-compliance, it is more important than ever to ensure that your tax affairs are in order. Call us on 02476 384171 to arrange a chat, or visit our website www.sfb.uk.com to access our free online checkers, including your own personalised records report.

Are Your Business Records Up To Scratch?

Businesses that are part of a mandatory pilot scheme from HM Revenue & Customs are being informed that they may receive another visit if their record keeping does not improve.

According to Accountancy Age, none of the businesses were deemed to have had adequate records, and they were told that inspectors may visit them again in the next three months to check whether they have made improvements in the areas mentioned.

HMRC has recommended that sales invoices should be issued with consecutive numbers and a cash book be maintained. Other recommendations included a drawings record always being kept, a mileage log being maintained and business records being written up at least weekly.

The importance of maintaining adequate records cannot be overstated. If you would like to take advantage of our free online business records checker, click here.