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Call us now on 023 8083 6900 ABDS Home

News - 27 November 2012

Latest HMRC targets announced

The first taskforces to tackle tax cheats in the rag trade and alcohol industry have been launched by HM Revenue & Customs (HMRC).

The specialist taskforce teams will target those who do not pay the right amount of tax in:

  • the rag trade in the Midlands, North Wales and North West, including manufacturing, wholesale, retail and textile recycling;
  • the alcohol industry in Scotland, including Aberdeen and Inverness;
  • the rental property sector in the South East;

The taskforces are expected to recover around £17m in tax evasion for HMRC. They also announced they are on target to collect more than £50m as a result of taskforces launched in 2011-12.

Exchequer secretary David Gauke said: “The vast majority of people play by the rules. We will not tolerate tax evasion and will crack down on the minority who choose to break the rules.”

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“HMRC has launched 30 taskforces since May 2011 and says it has raised more than £500m from taskforces including offshore disclosure facilities, over the past five years.”

However, the £500m figure only accounts for 2% of the estimated £32bn tax gap - the difference between the tax that HMRC thinks should be collected and the amount actually collected.

If you need any help and advice for your Tax and the implications of the HMRC initiatives, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

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

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