From today, HMRC have taken the unusual step of advertising for people to pay more tax. For the next two weeks, HMRC will be running adverts on billboards, bus shelters and telephone boxes, all in an effort to encourage tax cheats to come forward and declare any undisclosed income.
HMRC has set up a website to support those people who wish to come forward, along with claims that they have recovered an extra £21bn from tax compliance in the year to 31 March 2012. Taxpayers are being warned to declare all of their income before it’s too late, and features a pair of eyes peering through a torn paper. The clear implication is that “Big Brother is watching you”.
The message is clear, HMRC are on the lookout for extra revenue and anyone who is not declaring all of their income has been put on alert that it is ‘only a matter of time’ before there are severe consequences.
Anything that encourages people to pay what they rightfully owe is to be applauded, and we would always recommend early disclosure where income has been omitted in error as this helps to reduce any potential penalties otherwise due. However, the campaign is also asking members of the public to ‘get in touch’ with HMRC where they feel people are not declaring all of their income and coming shortly after a whistle-blower gave HMRC a list of over 4,000 people with Channel Island bank accounts with HSBC it is clear that the UK tax authorities have no qualms about where the information comes from.
If you have any questions about your taxation affairs, or are uncertain about the latest HMRC initiatives, please contact us on 0845 177 5500 or click here