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Jun
12th

RESTAURANTS, TAXI’S AND STALL HOLDERS By: Clare

HM Revenue & Customs are concentrating on and targeting people who are evading tax, they have many tools in their box to help them do this.

They are using the information we send them more actively. If you submit self employment accounts that show a turnover over the VAT threshold then you are likely to get a call asking why you are not registered for VAT.

If you have an advert for a property rental and do not include this income in your self assessment return they may write and ask you why it is not included.

They are also using a task force approach to target specific industries and they have found this to be particularly beneficial, with as much as £50m of outstanding tax being collected from the 12 taskforces launched in 2011/12. Plumbers and electricians are amongst those already targeted and those that have been found to be under declaring their income have been prosecuted.

Restaurants, property rentals, taxi firms and London’s market traders are the most recent targets for investigation. Tax advisers are encouraging those who have evaded tax to consider a voluntary disclosure to reduce the cost of penalties to 10% or 20% from a possible 100% of the tax due.

If you need accountancy help to comply with the accounting or disclosure requirements or you have been contacted by H M Revenue & Customs please contact Haxton Chartered Accountants.

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