Following the success of their “taskforce” initiatives in 2011, and rapidly on the back of the focus on Taxi firms and market traders in May, HMRC have this week announced that further new taskforces have been set-up to target tax evasion in a number of additional specific locations:
• restaurants in South Wales,
• hair and beauty businesses in Northern Ireland,
• motor traders in South Wales, South West, Yorkshire, Nottinghamshire and North East,
• Scottish pubs and nightclubs
These specialist teams are trained to undertake intensive bursts of activity and are expected to recover more than £30m in unpaid tax.
The teams will visit around 300 traders in each of these categories to examine their records and carry out other investigations.
Commenting on the initiative an HMRC spokesman said “This is not an empty threat – HMRC can and will track you down if you choose to break the rules.”
Obviously businesses who operate within the law have nothing to fear, however businesses who fall within these new remits may be best advised to take a long hard look at their record keeping ensuring that all business transactions have been correctly recorded; much better to be prepared. Do not wait for the brown envelope to drop on your doormat…
If you are in any doubt about record keeping for your business, please contact your loal Burgis & Bulock office.