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Serious tax evasion falls to lowest in five years

According to a new report, the number of cases of serious tax evasion is at their lowest level for five years, despite widespread belief it is on the rise.

HM Revenue and Customs defines tax evasion as "serious" when the sum involved is more
than £50,000. HMRC's local offices reported 2,888 suspected cases of tax evasion, down from 3,456 in the previous 12 months.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“HMRC has stepped up its anti-evasion efforts considerably in recent years, including having new powers, such as being able to impose penalties of up to 200% of the original tax owed if an individual does not declare any income or capital gains that has been hidden from HMRC in an offshore bank account.”

Last week, the G8 major economies agreed new measures to clamp down on money launderers, illegal tax evaders and corporate tax avoiders.

And on Sunday, US coffee giant Starbucks said it has paid £5m in UK corporation tax - its first such tax payment since 2009. It announced late last year it would pay more corporation tax after a public outcry and an investigation by MPs.

If you need any help and advice for your business on Partnership Tax, Corporation Tax or you need to keep abreast of changes in legislation and how it could impinge upon your business, 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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