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HMRC Investigations yields record 23.9bn

HM Revenue and Customs (HMRC) have released the latest figures regarding their ongoing investigations into tax avoidance. 

 
They have raised a record £23.9bn in additional tax for the year to the end of March, which is almost £1bn higher than the target set by Chancellor George Osborne in the Autumn Statement.
 
Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The government's tax body said that the upsurge in unpaid tax revenues was due to "increased activity" on its behalf as it managed to gather in a record breaking £23.9bn from those who had either under paid or had not paid on their taxes, increasing its overall income by 15% on the previous year.”
 
Exchequer secretary to the Treasury David Gauke said this was a warning to all tax avoiders which should be heeded. "HMRC will pursue those seeking to avoid their responsibilities and will collect the taxes that are due," said Gauke.
 
"The government is determined to tackle the minority that seek to avoid paying the taxes they owe."
 
HMRC said of the total amount it had raised, more than £8bn came from large business, £1bn from criminals and £2.7bn from tackling avoidance schemes in courts.
 
Stuart continues
“HMRC investigated the tax affairs of 237,215 people in 2012/13, compared with around 119,000 in 2011/12. In 2013, 690 tax fraudsters and benefit cheats were convicted following probes by HMRC officials. The number was an increase on the 477 convictions in the previous 12 months - and led to sentences totalling 355 years in prison.”
 
HMRC expects to bring in more than £100bn before March 2015, which includes the sums it has collected since its crackdown began in May 2010, as a result of the investigations. It now says it will increase its efforts further as it hopes to bring in a further £24.5bn before April 2015 and a further £26.3bn the following year.
 
If you need any help and advice with your Tax compliance and planning, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help in all your financial planning and business advice.
 
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net
 
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