HMRC has food for thought
HMRC are beginning to launch specific tax crackdowns in certain regions and in particular industries. One example reported recently was that East Anglia fast food companies may be subject to more rigorous checks.
In this particular instance, up to 5 million could be added to the Treasury’s funds, contributing to the 7 billion in annual tax revenue that HMRC wants to add to takings by 2014-15. Whether these targets will be met is yet to be established.
There is no alarm meant to be raised; the thinking is that if a business has nothing to hide, then it will not mind HMRC making enquiries into tax evasion. However, the body has promised to come down tough on those who may be falling foul of the law by not making the correct contribution.
An accountant can help you to make sure that you are paying the right levels of tax at all times, even if the system is complicated.