HM Revenue & Customs (HMRC) expects to collect £2.4 million from an extension of task force activity into the hidden wealth of individuals and businesses across London, East Anglia and South Wales.
During the tax year so far, HMRC has already launched hidden wealth task forces across the Midlands, South East and South, whereby specialist teams pursue people considered to be living beyond their means, based on what HMRC already knows about them. The insinuation is that those people are financing their lifestyles from undeclared income or other hidden wealth, potentially including offshore accounts.
A construction task force has already been operating across London, but that is now being expanded to include the Midlands as well.
Restaurants across London and East Anglia are also going to come under scrutiny, as HMRC attempts to collect £90 million a year from task force activity.
HMRC’s Jennie Granger, Director General of Enforcement and Compliance, said:
‘HMRC taskforces are deployed in sectors and areas where we’ve detected a high risk of tax evasion. If you haven’t declared all your income we will find you and investigate. Not only could you face a heavy fine, but a criminal prosecution as well.’
A copy of the full Press Release can be viewed here http://abytx.co/1okJcQt
Author: Guy Smith, Senior Tax Consultant on the ReSource Tax and VAT Consultancy Team.