Prior to the introduction of self-assessment tax returns, just 1% of all returns were audited; with the introduction of self-assessment, this number will now be around 10%. It is highly likely that the number will be far higher if the HMRC is given more financial aid. What this means to the taxpayer, including anyone who […]
Value Added Tax Compliance and its implications Value Added Tax Compliance is something that is quite complex in nature. There are more than a few reasons why VAT can be complex in its implications and how we can make an assessment about its exact nature. VAT, in essence, is difficult to understand because it has various dimensions […]
HMRC taskforces target taxpayers where there is a strong suspicion of tax evasion. Taskforces were introduced in 2011 and investigation by them can result in substantial fines and even criminal prosecution. The very first taskforce team targeted restaurants. 531 restaurants were investigated for tax evasion, beginning in Scotland, the North West and London, and soon […]
