HM Revenue & Customs (HMRC) has launched a new wave of taskforces to crack down on tax evasion.
The taskforces will visit traders in a range of business sectors and locations across the UK to examine their records and carry out other investigations. The new initiatives, announced on 19 September will target:
- the construction industry in London
- hidden wealth in the Midlands, including people with offshore accounts and those living lifestyles beyond their obvious means through assets from undeclared income
- the hidden economy in the second-hand motor trade in the Midlands
- security guards, bouncers and their employers in London and the South East.
Jennie Granger, HMRC’s director general of enforcement and compliance, said: “HMRC taskforces are deployed in sectors and areas where we’ve detected a high risk of tax evasion.
“If you have declared all your income, you have nothing to worry about. But, if you haven’t, we will find you, investigate you and not only could you face a heavy fine, but a criminal prosecution as well.”
HMRC has collected more than £90 million as a result of taskforces launched since 2011-12. It expects to bring in more than £90 million per year from taskforces launched over the next three years.
Meanwhile, HMRC is currently running the latest phase of its tax evasion publicity campaign through advertisements, including more than 3,000 billboards. The campaign is designed to raise awareness that HMRC is closing in on undeclared income.
At Milsted Langdon, our tax team can help you ensure your tax affairs are in order. We can also advise in the event of a tax investigation, including liaising with HMRC on your behalf. To find out how we can help, please contact us.