HMRC launches plans to tackle black economy
HMRC has launched three consultations on proposals to clamp down on the black economy
HMRC has launched three consultations on proposals to clamp down on the black economy
HMRC has launched three consultations on proposals to clamp down on the black economy.
The proposals include extending HMRC’s data gathering powers, forcing more business to register for tax purposes in order to access business services and licenses, and new penalties for compliance failings.
HMRC wants to extend its bulk data-gathering powers to include customer data held by money service businesses (MSBs to help it identify non-compliant customers trading in the hidden economy.
It is also consulting on introducing conditionality, whereby access to some business services or licences should be dependent on businesses being registered for tax. Conditionality could help to make it as easy as possible to register for tax, and as difficult as possible for non-compliant businesses to evade their responsibilities.
The taxman is also looking at the potential for new penalties and sanctions to tackle those operating in the hidden economy, including those who have already been penalised for non-compliance, but have not changed their behaviour.
This consultation proposes some options for new sanctions, and seeks views on how those might be designed fairly and effectively to deter hidden economy activity.
The consultation looks at several ways it could introduce an escalating penalty regime and also considers new approaches to penalties for inaccurate returns, and for employers who fail to make PAYE returns.
More about:
The numbers you crunch tell a story. Your expertis...
9yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleHM Revenue and Customs (HMRC) is facing mounting criticism after reports surfaced of significant delays in processing tax refunds, with some individua...
View articleHMRC service levels have fallen to an “unacceptably low level” and must be urgently addressed as part of the forthcoming Spring Budget statement, the ...
View articleHMRC fines targeting multinational enterprises have increased dramatically over the past two years under new regulations. Read More...
View articleThe 5 member countries will collaborate to tackle international tax crime, money laundering and threats posed by cryptocurrencies and cybercrime Read ...
View articleThe report suggests a wide range of reforms focussed on bringing together corporation tax and accounts, including creating five year roadmap for CT re...
View articleCommittee expresses concern about costs to businesses and April 2018 implementation date Read More...
View articleDrastically fewer offices for HMRC in the hope to reduce their running costs Read More...
View articleAn 80% increase in additional revenue for HMRC coincides with a crackdown on income tax avoidance Read More...
View article