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Fawcetts article for salisbury journal june 2011 - e version

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HMRC getting tough on people who don't pay the right amount of tax. - Read more

HMRC getting tough on people who don't pay the right amount of tax. - Read more

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  • 1. PRESS RELEASE NO 94 – SALISBURY JOURNALQ I have heard that HM Revenue and Customs (HMRC) are stepping up their campaign againstthose who are not paying the right amount of tax.A You are correct, these special projects have been around for some time now. Previous HMRCprojects have targeted savers in offshore investments, medical professionals and workers in theplumbing industry.Specialist teams carry out concentrated compliance activity in specific high risk trade sectors andlocations across the UK, this is all part of the Government’s aim to tackle tax evasion, avoidanceand fraud and to raise an additional £7 billion each year by 2014/15.In fact, HMRC task forces will, over the coming weeks, be tackling tax dodgers in the restauranttrade, targeting businesses in London, Scotland and North Wales.The department says its campaigns focus on areas where it has identified significantunderpayment and that they provide straightforward opportunities for customers to put theirrecords in order on the best possible terms, followed by swift action to target those who choosenot to take up those opportunities.HMRC indicates that previous projects have raised over £500 million from voluntary disclosuresand a further £100 million from follow-up activity.This new campaign will be launched in the summer, is to target individuals and businesses whoare trading above the VAT threshold but have not registered for VAT, a new drive against rulebreakers.The VAT threshold is currently £73,000 turnover on a rolling annual basis.The author is Simon Ellingham at Fawcetts Chartered Accountants, members ofUK200Group with offices throughout the UK and Associates overseas.