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Are you ready for GAAP?
HMRC has announced its latest plans to launch 30 new taskforces in the 2012/13 tax year. The likely targets will include:
The rag trade
The motor trade
Indoor and outdoor markets
Taskforces bring together various HMRC compliance and enforcement teams for intensive bursts of activity targeted at specific sectors and locations where HMRC believes there is evidence of a high risk of tax evasion. HMRC has confirmed that it views the ‘rag trade’ as those concerned with the import, wholesale, marketing and sale of clothing.
In addition to the 2012/13 plans, the Revenue has today also announced the last of its taskforces for the current financial year, which involves the targeting of landlords in Scotland.
HMRC already expects to collect over £50million of additional tax as a result of the 12 taskforces launched in 2011/12, however, this figure is set to rise in the coming months. In addition, 13 criminal investigations are already underway - a clear sign that HMRC will continue to aggressively pursue individuals with the full force of its powers.
As always, we at ABDS will keep you informed as the situation develops.
ABDS Chartered Certified Accountants of Southampton.
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