Are You On The Taxman's Target List?
Newsletter issue - January 2012.
The Taxman has formed a number of task forces to investigate certain business sectors, where he believes tax rules are being ignored.
A summary of the current work of these task forces is listed below, but bear in mind that each task force will move on to a new geographical area once the first area has been investigated.
London Properties
This task force is investigating commercial property deals in Greater London, where the VAT rules may not have been applied correctly. Where they find such a case, the tax officers will review the entire tax compliance of the property owner, across all taxes.
Landlords
HMRC are targeting landlords with three or more let properties in the North West of England and North Wales. Have you or your family correctly declared all of your rental income?
Construction Industry
The targets are self-employed builders (including small companies) in the North West of England and North Wales. The task force is looking for under-declared sales (such as cash jobs) and over-claimed expenses (where there are no supporting invoices). Remember to keep every receipt for purchases and keep a log of all business mileage. We can help you by advising what expenses are allowable to claim against your income.
No Tax Return Submitted
This task force is currently operating in the South East of England, looking for businesses who have not submitted tax returns for corporation tax, VAT, PAYE or income tax.