HMRC is now targetting small businesses

Horace

I picked up this snippet of information from a Chamber ENews letter that I receive daily from Birmingham Chamber.

HM Revenue and Customs (HMRC) has announced that it will target three further specific groups of trading activity during 2011/12 where the taxman perceives that tax is being underpaid. They are private tutors and coaches, including both academic and fitness instructors; e-marketplace traders including eBay who have not fully declared their income from this activity and tradesmen who have not been covered by the recent opportunity extended to plumbers to regularise their tax affairs. The announcement does not give a date or even a timetable for when these campaigns will start, and does not give any specific promise of an amnesty for those who come forward to regularise their affairs. HMRC has also announced that it has acquired powerful web trawling tools to identify mismatches between the lifestyle and expenditure of individuals and businesses and what is declared for tax purposes. Heather Taylor, a member of Grant Thornton’s Tax Investigations team in Birmingham, said: “HMRC has been using its information powers and has invested in cutting edge technology to research several areas of industry and has begun to apply this information to collect undisclosed tax.”

I have heard from various accoutants that the HMRC will fine businesses around £3000 if their tax affairs are not in order.

I thought I would share as it is important because I would hate people to be investigated by the HMRC.

naff123

Yet again sounds like the glorious HRMC are stamping down the small man whilst letting bigger companies squander billions of pounds in tax by using overseas accounts in the Caymans e.t.c.

This Government's Policies make me sick to the stomach