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Tax Tip

Are You On The Taxman's Target List? feb 2012

As previously reported (http://www.netaccountants.net/tax_tips/tips.php?ID=109),
the Taxman has formed a number of task forces to investigate certain business sectors, where he believes tax rules are being ignored.
 

An outline of the work currently being conducted is listed below, but it is also worth remembering, that each task force will move on to a new geographical area once the first area has been thoroughly investigated.
Commercial Property in Greater London

This task force is investigating commercial property deals in Greater London, where the VAT rules may not have been applied correctly. Where they find such a case, the tax officers will review the entire tax compliance of the property owner, across all taxes.

Construction Industry
 

The main targets are self-employed builders (including small companies) in the North West of England and North Wales. The task force is looking for under-declared sales (such as cash jobs) and over-claimed expenses (where there are no supporting invoices).

Remember:

  • keep every receipt for purchases
  • Keep a log of all business mileage.
     

Call ABDS if your not sure and we can help you by advising what expenses are allowable to claim against your income.
No Tax Return Submitted
 

This task force is currently operating in the South East of England, looking for businesses who have not submitted tax returns for corporation tax, VAT, PAYE or income tax.
Landlords
 

HMRC are targeting landlords with three or more let properties in the North West of England and North Wales. Have you correctly declared all of your rental income? Have you claimed what legitimate outgoings and expenses are available?
If you need any help and advice with your Tax returns and declarations, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar 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

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