HM Revenue and Customs cracks down on personal tax
In addition to targeting smaller businesses, HM Revenue and Customs also appear to be targeting smaller amounts on individuals personal tax returns.
In 2011/2012 alone, HMRC recovered £440.6 million from investigations into personal tax returns as it turns its attention to relatively modest amounts of unpaid tax.
HMRC is tasked to raise an additional £7 billion in tax revenue a year by 2015/2016 as part of the Government’s drive to reduce the financial deficit, which has already seen a number of tax collection campaigns targeting various sectors throughout the year.
Additionally, HMRC is putting greater effort into double checking the amount of capital gains tax that taxpayers are reporting, as calculations of capital gains tax can be confusing and people often make mistakes when filing their returns.
As it looks for opportunities to claw back missing tax, HMRC is widening its focus beyond the wealthy and the affluent.
It is all the more important to consider taking advice if you are unsure, to avoid tax office scrutiny and unpleasant extra charges.
For further information on all related issues please do not hesitate to contact Stuart Hinnigan at the office.
Author: Stuart Hinnigan FCA CTA
Stuart’s career in accountancy began when he joined Preston based Moore and Smalley in 1994 following his graduation from Lancaster University. He qualified as a Chartered Accountant in 1997 and then chose to specialise in...
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