| HM Revenue & Customs
(HMRC) has announced it is to target
individuals and businesses who are trading
above the VAT threshold but have not
registered for VAT in a new drive against
rule breakers. The campaign will be
launched in the summer, following
discussions with interested parties to
help HMRC design the campaign. The VAT
threshold is currently £73,000 turnover on
a rolling annual basis.
Announcing the initiative on 20 May,
Mike Wells, HMRC's director of risk and
intelligence, said: “Our aim is to get as
much input as possible into our future
campaigns so that the views and experience
of people and organisations outside the
department play a fuller part in what we
design for customers.”
Previous HMRC campaigns have targeted
offshore investments, medical
professionals and people working in the
plumbing industry.
The department says its campaigns focus
on areas where it has identified
significant underpayment and that they
provide straightforward opportunities for
customers to put their records in order on
the best possible terms, followed by swift
action targeting those who choose not to
take up those opportunities.
HMRC says it has raised over £500
million from voluntary disclosures and a
further £100 million so far from follow-up
activity.
Meanwhile, the first of a series of new
HMRC task forces to tackle tax dodgers
will focus on the restaurant
trade, targeting businesses in London over
the coming weeks.
The specialist teams will carry out
concentrated compliance activity in
specific high risk trade sectors and
locations across the UK. The restaurant
trade in Scotland and the North West will
be the next areas targeted.
HMRC is planning a further nine task
forces in 2011/12, with more to follow in
2012/13.
LINK:
LINK:
Introduction to VAT
LINK:
Reporting tax evasion |
