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Be prepared for Tax
Taskforces warns local specialist LOCAL business owners are being warned
to be prepared for increased scrutiny from specialist Tax Taskforces, as HMRC
seeks to step up its investigations into the financial affairs of small
businesses.
Andrew Geddes who runs TaxAssist Accountants in Southport said:- "HMRC's
specialist tax taskforces have brought in more than £540 million since they were
launched 5 years ago and there are bound to be changes as a result of the
uncertainty surrounding the UK's decision to leave the European Union.
We're urging local business owners to be prepared and protect their hard earned
income, particularly cash based businesses, such as shops, restaurants, taxi
firms and takeaways and also landlords who rent out residential properties,
including student and holiday lettings.
Provided they have all the right procedures, records and proof of income and
expenditure in place, they have nothing to worry about, but it is vital they act
1st, rather than wait for the Tax Inspector to call. HMRC will impose harsher
penalties if it thinks there has been no attempt to come forward and address any
anomalies or ensure the paperwork is up to date." HMRC has launched more than 140
Taskforces targeting specific sectors since
2011, bringing in progressively higher amounts each year. Taskforces can impose
penalties of up to 100% of unpaid Tax, so double the sum originally due and
their investigations have led to arrests for Tax evasion and fraud. |
