HMRC property raids increase
Individuals are warned that HM Revenue and Customs (HMRC) is increasing its raids on properties to catch tax evaders.
According to recent research HMRC has increased its number of unannounced searches by 12% for the year up to March 2014.
Data obtained found that 500 property raids were carried out by HMRC in the past 12 months, up from 445 raids in 2012/13, and more than triple the number of raids conducted between 2008 and 2011.
Researchers say the large jump in property raids is down to HMRC’s sustained campaign to increase prosecutions for tax evasion. HMRC’s target is to prosecute 1,165 people for tax evasion in 2014-15, five times more than its 2010 target of 250 prosecutions.
The government has set HMRC ambitious targets to clamp down on tax evasion and one of the tools in its armoury is property raids.
Property raids have increased significantly, and more suspects are being arrested as the tax authority keeps up with its criminal prosecutions target.
As well as targeting the very biggest suspected tax evaders, HMRC is also casting its net wider, targeting middle class professionals, like solicitors and bankers.
With property raids expected to jump even further, and the introduction of a new “strict liability” offence of failing to disclose offshore income anyone who has any concerns should speak to an accountant.
For more information on HMRC tax investigations, please contact Stuart Hinnigan.
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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