THE TAXMAN is changing the way it deals with investigations into serious tax fraud, with a deal to avoid prosecution being offered to those that own up completely.
The move comes following the announcement that HMRC would be substantially increasing the number of prosecutions over the next four years during the government’s Comprehensive Spending Review last autumn, and aims to quash claims that existing HMRC powers “lacked teeth”.
In addition, the worst offenders will be taken to court in greater numbers.
Ann Bibby, tax partner at the Nottingham office of accountants and business advisers Mazars, told thisisnottingham.co.uk, said: “HMRC is at pains to stress that those who cooperate with this new process have nothing to fear. However, conversely, the contractual element [being introduced with taxpayers] also provides HMRC with the necessary tools to prosecute those cases involving incorrect denials of fraud or a potential lack of co-operation.”
Making Tax Digital responses to the consultations expected in January 2017
Further corporation tax cuts and reliefs for cutting-edge tech businesses have been pledged by prime minister Theresa May, ahead of Wednesday’s Autumn Statement
The UK has not followed the global trend for reducing income tax over the past two decades
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes
HMRC receives highest number of complaints in seven years; Deloitte scoops BP and Centrica audits; and corporate reporting under the microscope in our latest Friday Afternoon Live broadcast