The true value of HMRC investigations
HMRC taskforces to tackle black spots of evasion in the UK economy have become ubiquitous since 2010, but some tax experts question their value. Nick Huber reports.
The taxman says the targeting of sectors ranging from medics and plumbers to restaurant owners and door-to-door sales people is a smart use of resources. Tax advisers broadly agree but doubt whether returns from the campaigns are worth the effort. Others think that a general tax amnesty would recoup more tax while MPs say that HMRC could collect a lot more tax if stopped making thousands of its workers redundant.
The taskforces are part of £917m in funding from the government spending review to tackle tax evasion, avoidance and fraud from 2011/12. The target is to raise an additional £7bn each year by 2014/15.
Register to read the rest of the article, which includes:
- General Amnesty
- Heavy Handed
- What to do if your client is investigated by a targeted campaign
- What experiences have you had with HMRC investigations?