HMRC have announced they are launching the first of their ‘task forces’ as part of their bid to tackle tax evasion.
The new initiative involves training teams to be skilled in a particular sector, so they are able to establish where the risk factors are in the sector and to gain a better understanding of how the industry works.
Unsurprisingly HMRC will be selecting industries where it is perceived there is wide scale tax evasion.
The first taxpayers to be targeted are restaurant owners in the London area. The target area will then be extended to the North West and Scotland as well.
We understand that cases will tend to be VAT or employer compliance led but will not be restricted to these taxes.
Restaurant owners should ensure that their accounting records are complete and up to date as they will be thoroughly scrutinized in the event of an investigation by the taskforce.
If you would like to discuss any of the issues raised in this article please do not hesitate to contact us.
Stuart Shaw CTA , Head of Investigations.