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News - 23 August 2013

HMRC’s annual report.

HMRC’s annual report and accounts for 2012/13 has been released, and while detailing its achievements during the year ended 31 March 2013, there are some important facts and figures that are worthy of note.

HMRC’s achievements:

  • £20.7bn was achieved from compliance activity, which was £2bn above target and £2.1bn more than the tax department collected in 2011/12. HMRC has to deliver £23.5 bn from compliance activity by 2014/15
  • £1.5bn was collected from fines and penalties, a marked increase on the £0.8bn raised the year before
  • £342m was received after the UK/Swiss tax agreement came into force in January 2013.

The HMRC taskforces and campaigns are continuing to bring in results, and the annual report highlights these.

More than £600m has been raised as a result of campaign activity to date, with more than 22,000 investigations started. Campaign targets have included medics, plumbers, electricians, online traders, fitness coaches and direct sellers earning commission. HMRC is committed to running four campaigns each year.

£72m has been raised in additional revenue from taskforce activity so far, but HMRC expects somewhere in the region of £173m in total, as taskforces continue to be rolled out.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Taskforces are different to campaigns, as they target trades and professions in geographical areas. In 2012/13, HMRC launched 28 taskforces and the targets included the legal profession in London, hair and beauty salons in the North East, restaurants in the South East and on the south coast and the motor trade in Scotland. A similar number of taskforces are expected to start in 2013/14.”
 

During the next 12 months HMRC plan to move more than 5,400 staff to new or different compliance roles to help deliver the extra revenue as HMRC plots a determined, multi-pronged approach to tax compliance. This will include the new information from merchant service providers (credit/debit card transactions) which will drive their compliance activity from spring 2014.
 

If you need any help and advice for your business on Corporation Tax or you need to keep abreast of changes in legislation and how it could impinge upon your business, 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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