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News - 25 January 2015

HMRC tax evasion latest figures released.

According to a new report from the law firm Pinsent Masons, using data from HMRC, HMRC's Affluent Unit covering UK residents on annual incomes over £150,000 - or wealth over £1m - raised £137.2m in tax, up from £85.7m in 2013.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The Affluent Unit, who work closely with the High Net Worth team, was set up in 2011, and subsequently doubled in size in 2013 with the recruitment of an additional 100 tax inspectors. About 500,000 UK residents fall into its remit.”

HMRC's ability to investigate people has been made easier by a computer system called Connect. Costing £45m, Connect was launched in the summer of 2010 and designed by the defence contractor BAE Systems.

The computer system collects data on people from multiple sources, including banks, local councils, and even social media.

Treasury minister David Gauke said that the jump in extra tax being collected shows that the Affluent Unit was "a success... We are determined to give HMRC the powers and support that they need".

However critics still say that these results are not good enough. The tax gap is estimated as £35bn and so an extra £127m is only a small proportion of that and shows that HMRC need to add even more resources into this particular area.

Last year, the Treasury unveiled controversial plans to give HMRC the ability to withdraw outstanding tax directly from people's bank accounts.

Following opposition, it was agreed that tax inspectors would hold a face-to-face meeting with taxpayers before any money is taken.

The Direct Recovery of Debt plans are due to come into force this year.

If you need any help and advice with your Tax returns and declarations, contact Lavinia Newman, Stuart Coleman or Liz Kennett to discuss how ABDS can help in all your financial and business planning.

 

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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