HM Revenue & Customs have previously targeted offshore bank accounts, the medical profession and more recently plumbers and tutors, and they have already announced they will shortly target electricians starting at the end of February.
As part of its strategy on tax campaigns, HM Revenue & Customs has announced that it will be launching three new campaigns later in 2012.
The first is aimed at people who pay already pay higher rate taxes but fail to submit a Tax Return for additional income liable at higher rates. The second is aimed at trades/people working in the home improvement market. The third is aimed at people selling goods, using home catalogues or ‘party plans’ direct to others.
The home improvements approach is very much a case of sweeping up anyone who is doing ‘cash in hand’ work at people’s homes.
HM Revenue & Customs have stated that they will use new technology to search the internet for information about specified, targeted people and businesses. HMRC have also stated they will be able to analyse Returns submitted to them covering a range of taxes (eg VAT returns, Tax Returns) and to cross-reference these with other information to build a picture of where they believe taxpayers are not making proper Returns.
If you would like advice on your Tax Returns contact Mark, Patrick or Sue at Fuller Spurling Chartered Accountants on 01932 564098
For more information see www.ion.icaew.com/TaxFaculty/24022