'Name and shame' warning for tax defaulters
It is important that business owners ensure their tax affairs are in order after HM Revenue and Customs (HMRC) published a second list ‘naming and shaming’ tax defaulters.
The list, comprising businesses and individuals who have deliberately defaulted on tax payments of more than £25,000, includes a range of small businesses, including a kebab shop owner in Peterborough owing £41,000, a Manchester pub landlord owing £26,000, and a scrap merchant in Sheffield who owed £88,000. All received hefty fines, with the lowest being £16,000.
Names remain on the list for up to 12 months, with HMRC keeping a close eye on those named for five years to ensure they meet their tax obligations in future.
This list includes people who have been investigated and found to have deliberately failed to comply with their tax obligations or made deliberate errors on their tax returns. However, this should serve as a warning to any business owner to ensure their tax affairs are in order, regardless of whether they have deliberately defaulted or not.
Tax is a complex area and genuine mistakes do happen, particularly when you are busy trying to run a business. Anyone who is unsure of their tax obligations should seek advice at the earliest opportunity to ensure that everything is in order and that they will not be hit with heavy penalty costs or give HMRC cause for concern when they submit their next tax return.
For further information, please contact James Cornthwaite at the office.
Author: James Cornthwaite FCA CTA
A former pupil at St Aidan’s C of E High School, James attended Blackpool Sixth Form College and Lancaster University, graduating in 2004, gaining BSc. first class honours. He joined Moore and Smalley, Preston in 2005 and qualified as a...
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