HMRC success highlights the need to keep tax affairs in order
Individuals who come under the self-assessment system are urged to ensure that their tax affairs are in order after new figures showed that HM Revenue and Customs (HMRC) clawed back an extra £609 million in 2012/13 as a result of investigations into personal tax returns.
This represents a significant increase of 38 per cent on the previous tax year’s figure, suggesting that HMRC’s toughened stance on tax compliance is delivering results.
Over the past year, HMRC has been focusing on specific sectors where it believes people may not be meeting their tax obligations. This approach has included a number of campaigns designed to encourage people to come forward with any undisclosed tax liabilities in exchange for reduced penalties.
HMRC has been paying particular attention to self-assessment tax returns and a new tougher approach combined with the targeted campaigns appears to be bearing fruit in terms of the additional revenue being brought in.
However, these figures have also highlighted the importance of ensuring that your tax affairs are in order. Even a simple error can affect your tax return profile and prompt HMRC to launch an investigation into your tax affairs.
If a correction is needed, it is better to approach HMRC before they approach you, so if you are in any doubt then a professional tax adviser should be able to help you present a best case and deal with the administration process.
For further information, please contact Susie Campion at the office.
Author: Susie Campion FCCA
Susie started her career in accountancy direct from Lancaster Girls Grammar School, joining Scott & Wilkinson in 1995, following a period working in another local accountancy practice. After qualifying as an Accountant in...
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