Blog Post

Concerns over HMRC powers to raid bank accounts

Forths • September 5, 2014

Following the recent announcement that HMRC could have powers to raid bank accounts of those it suspects of tax avoidance, there have been concerns raised from many quarters.

The Law Society’s Tax Committee is the latest voice to demonstrate its view, with the chairman questioning why HMRC cannot operate under procedures that other creditors have to follow.

Tax Avoidance

HMRC’s proposed powers would allow it to recoup the amount of tax it believes is owed directly from bank accounts of individuals. The proposal is currently undergoing a consultation process, but is one of the latest tactics in a continued clampdown on tax avoidance in the UK.

It is believed that the powers would be exercised on those that have had avoided paying tax and have refused to pay despite notices. HMRC says that it will only recover amounts of debt over £1000 where the individual has at least £5000 in their account.

Other concerns have been raised about the potential impact on vulnerable people and whether this could be the cause of bankruptcies for many.

HMRC Powers

HMRC will continue in its plight to recoup unpaid tax from UK individuals and small businesses in order to reduce what it estimates as a £7bn deficit.

For those you suspect that they may fall under investigation by HMRC for alleged tax avoidance, the net continues to close. It is essential that you seek expert advice from a tax investigations professional in order to clarify your tax position, and if necessary, negotiate with HMRC on your behalf in order to reduce the possibility of higher financial penalties, and in extreme cases, criminal convictions.

For more information and to speak to a tax investigations professional in complete confidence call 0113 387 5670 or fill out an Enquiry Form .

By Liam Bottomley June 26, 2020
If you do not pay your tax there are a number of actions HMRC may take in order to recover unpaid tax debt. Depending on the circumstances this could take the form of either a tax investigation or HMRC debt enforcement action.
By Liam Bottomley June 26, 2020
“I’m late filling in my tax return” is a statement that we see time and time again in the enquiries that we see coming through from tax payers who have issues and are contacting us for assistance.
May 29, 2020
Let Property Campaign - Rental Tax Disclosure Case Study.We assist individuals in making disclosures of unpaid tax to HMRC and in investigations by HMRC. Call us on 0113 387 5670
May 27, 2020
Worldwide Disclosure Facility - Offshore Disclosure Case Study.We assist individuals in making disclosures of unpaid tax to HMRC and in investigations by HMRC. Call us on 0113 387 5670
May 26, 2020
Is Overseas Income Taxable?.We assist individuals in making disclosures of unpaid tax to HMRC and in investigations by HMRC. Call us on 0113 387 5670
May 22, 2020
How Far Back Can A Tax Investigation Go?.We assist individuals in making disclosures of unpaid tax to HMRC and in investigations by HMRC. Call us on 0113 387 5670
May 20, 2020
Are HMRC Manuals Always Right?.We assist individuals in making disclosures of unpaid tax to HMRC and in investigations by HMRC. Call us on 0113 387 5670
May 18, 2020
What is a Tax Investigation?.We assist individuals in making disclosures of unpaid tax to HMRC and in investigations by HMRC. Call us on 0113 387 5670
May 14, 2020
Furlough Fraud - Is There Such A Thing?.We assist individuals in making disclosures of unpaid tax to HMRC and in investigations by HMRC. Call us on 0113 387 5670
May 12, 2020
Are Tax Investigations On Hold?.We assist individuals in making disclosures of unpaid tax to HMRC and in investigations by HMRC. Call us on 0113 387 5670
Show More
Contact Us Here Today
Share by: