HMRC have expanded its compliance and enforcement programme by announcing a wave of new taskforces to investigate evasion in specific commercial and geographical sectors:

Property rentals in East Anglia, London, Leeds, York, Leicester, Nottingham, Lincoln, Durham and Sunderland; expected to recover more than £17m
Restaurants in the Midlands - extension of work already underway in Scotland, North West and London; expected to recover £2.5m
Taxi firms in Nottingham, Yorkshire, Leicestershire and Derbyshire; expected yield £2m
Taskforce targeting London’s market traders announced 31 May; expected yield £1.85m

The task force focusing on restaurants has prosecuted 30 companies under the initial exercise, and HMRC is projecting a yield of more than £13m. HMRC hopes that taking in the Midlands will add another £2.5m to that total.

Lavinia Newman of ABDS says:
“These new task forces reflect the scrutiny that has always focused on historic cash trades. With more task forces to come in 2012-13 we strongly advise those who have evaded tax to consider voluntary disclosures, which usually mean lower penalties and less likelihood of prosecution.”

ABDS estimates, some 25 campaigns have now been undertaken since the beginning of 2011; with around 20 or so more due to be set in train during 2012/13. According to Exchequer secretary David Gauke, the 12 taskforces launched in 2011/12 are on target to collect more than £50m.

If you need any help and advice for your business on Tax, VAT or the implications of the HMRC Taskforces, 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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