British territories sign deal on tax information
£220 million haul from wealthy taxpayers.
Changes to class 2 and class 4 NICs
Millions affected as tax and benefit changes come in. 02/04/12
RTI switchover HMRC latest
The Office of Tax Simplification implications for the Budget and Nano-Businesses. 14/03/12
The focus of HMRC’s campaigns to be implemented later this year is:
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.
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