HMRC crackdown on tax cheats & nets £109m in just six months!

That figure includes £64.9 million recovered in the first three months of this year, more than double the figure for the same period in 2014.

Between April and October 2015, HMRC launched 27 new taskforces targeting sectors that are at the highest risk of tax fraud, including Income Tax Self Assessment (ITSA) Repayments, Retail, Hidden Wealth and Grocery sectors, with one taskforce alone generating 22 arrests.

Taskforces were first launched in spring 2011 as part of HMRC’s compliance strategy to tackle tax evasion and fraud. Over 100 taskforces have been launched since then yielding more than £404 million, protecting this money for public services.

Speaking at the UK Tax Investigation Conference today, Jennie Granger, Director General for Enforcement and Compliance at HMRC, said:

“The message is clear if you try to cheat on your tax we are going to catch you – it’s only fair that we all pay what we should to fund public services. We have increasing amounts of intelligence, and are using state of the art digital tools to help us to identify and target high risk areas. This yield of £109 million – almost double the figure for the same period in 2014 – shows that our strategy is working.”

This goes to prove that very few tax reliefs are legitimate, which is why Capital Allowances remain one of the most safe, legal tax advantages to the property owner.

Give us a call to discuss how we can help, Capital Allowances property tax relief, its all we do!

 

Arthur Kemp

Exact Business Taxation Services Ltd

ak@exactbusiness.co.uk

@capitalallowtax

www.exactbusiness.co.uk

 

 

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