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HMRC has announced the 2012 targets Feb 2012

The focus of HMRC’s campaigns to be implemented later this year is:

  • Home improvement trades. This will build on campaigns aimed at plumbers and electricians. Hundreds of thousands of tradespeople in construction and building work such as roofing, window fitting, bricklaying, carpentry and joinery will be affected.
  • Missing returns. This campaign will initially focus on those who fail to complete tax returns and who are liable to pay tax at the highest rates. Overall this will contribute to the wider HMRC activity tackling failure to complete tax returns.
  • Direct selling. This will target customers who ought to be paying tax on income they earn from buying and selling goods directly to others, or from the commission on these sales.

Following the success of previous campaigns which utilised HMRC’s ‘Connect’ system to analyse and identify potential links and targets, HMRC has advised that it will use new technology to trawl the internet for information about specific, targeted people and businesses. This will also include cross-referencing returns received with other information held to ‘build a picture’ of where they can identify taxpayers with missing returns.

As seen in the Plumbers Tax Safe Plan, HMRC will target those that do not come forward with the full force of its powers including higher penalties and criminal prosecution. The Plumbers Tax Safe Plan has so far raised nearly £4million and seen 10 plumbers arrested with HMRC planning more arrests in the future.

We at ABDS will continue to monitor activity and further updates will be provided

If you need any help and advice on Financial Planning and Reporting, don’t hesitate,contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar now to discuss how ABDS can help.

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

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