HMRC Recovers ВЈ3.65bn in Unpaid Tax

HM Revenue & Customs has recovered a record £3.65bn in unpaid taxes from tax avoidance schemes, evasion and fraud – up by almost a quarter on the previous year – according to a report from law firm Pinsent Masons.

The report found that the compliance yield from HMRC’s specialist tax investigations team has jumped from £2.97bn in 2012/13 to £3.65bn in 2013/14 in response to increased pressure from the government to crack down on tax avoidance and evasion.

The sum, which is equivalent to 10% of the estimated £34bn UK tax gap, was a result of investigations into large corporations and high net worth individuals. More recently there has been wide spread publicity surrounding celebrities who have used complex tax avoidance schemes in order to make considerable savings. Among those named include members of Take That, David Beckham, MP Andrew Mitchell and Jimmy Carr.

HMRC continues to rigorously investigate tax affairs and with recently granted powers, such as criminal sanctions for offshore bank account holders and Accelerated Payment Notices (APNs), the net is closing for those who have underpaid tax through tax avoidance or evasion.

HMRC is also becoming more aggressive when it comes to undertaking tax investigations into alleged tax avoidance or underpaid tax, and likewise when it comes to settling the investigations.

If you suspect that HMRC may investigate your tax affairs for undisclosed or outstanding tax liabilities, it is essential that you should seek tax investigation advice sooner rather than later in order to ensure that you are complying with HMRC’s requirements. In some cases it may be in your interest to make a voluntary disclosure to HMRC.

For tax investigation advice or to discuss the possibility of making a voluntary disclosure, you can call us in complete confidence on 0113 387 5670 or fill out an Enquiry Form .