HMRC have seen over a 10% increase in tax revenues as a result of inspections into SME’s and high net worth individuals. This translates into £97 for every £1 spent, that’s up from just £87 the previous year.
The local compliance teams across the country, responsible for investigations into SME’s and individual Self Assessment returns have seen the biggest increases. These inspectors have seen tax collected rise from £16 for every £1 invested to £18 in 2013/14.
Currently there are over 25,000 cases waiting to be heard at tribunal, so inevitably it seems the revenue figures are likely to increase these eye watering statistics even further.
These numbers will inevitably lead to an increase in investment in this space, driving more investigations and more reviews into companies and individuals tax affairs.
Make sure your tax affairs are in order, the penalties regime is now operating and with fines and interest for prompted errors and non compliance, it is essential you highlight issues before the tax man does!
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