Welcome to our September Newsletter

HMRC crackdown on tax avoidance

The Revenue has said it will use “cutting-edge” tools such as web robot software to search the internet and find targeted information about specified people and companies. Using the software, the department will be able to pinpoint more accurately those people who have failed to pay the right amount of tax.

The idea of HMRC banging on the door demanding answers is likely to have those concerned waking up in a cold sweat but HMRC’s latest efforts are not just about illegal tax evasion. This time it is investigating tax avoidance. In May 2011, HMRC launched a consultation – “High Risk Tax Avoidance Schemes” – and is proposing to name and shame tax avoidance schemes that are unlikely to deliver the tax savings claimed. Anyone found to be using the schemes might have to pay the tax avoided upfront, plus an extra charge on that tax.

This tax avoidance consultation is part of the Government’s end-goal to bring in an extra £7bn through initiatives to tackle tax avoidance, evasion and fraud by the end of the Parliament.

So, should individuals be worried?

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Featuring:
Man of the century
England cricket sensation Alastair
Cook talks about his success so far

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I hope you have a good month and please contact us if you need any help or advice.

Kind regards

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