Its a popular theme. Earlier this week Danny Alexander said to the wealthy ‘we are coming to get you’.
When it comes to tax dodgers and moving money and assets overseas he may have a point but what about mansion tax covered in the same speach. Is a tax on property the way to go?
France now want their top earners to pay 75% tax!!
But will this just lead to businesses and individuals moving to lower tax countries?
Will the UK be a winner, the UK Government want us to have the lowest corporation tax rate in Europe and we are moving towards a main rate of 20%.
HM Revenue & Customs’ (HMRC’s) campaigns provide opportunities for people to voluntarily put their tax affairs in order. They do this by identifying a group to target and gathering information and intelligence that can be used to encourage and influence that group to come forward. Once a campaign closes, HMRC then uses that same information and intelligence to follow up with action that can include criminal investigations, aimed at those who choose not to pay what they owe.
As a result of a recent campaign a Plumber in Ringwood, Hampshire was sentenced to 4 years in prison, follow this link to read the full story
Accountingweb have been tracking the campaigns, so far 77,616 checks have been carried out and £36.3m tax recovered
So which campaigns are coming up in the next few months:
- Direct Selling – aimed at those selling products to customers away from retail premises, this includes selling door to door, at parties or to friends and relatives. Sellers are sometimes called ‘Agents’.
- Missing Tax Returns – aimed at Individuals who have been requested to provide or should be submitting Self Assessment Returns but haven’t http://www.hmrc.gov.uk/sa/need-tax-return.htm (Company Directors are required to submit returns)
- Trade Campaigns – aimed at those working in the Home Improvement, Maintenance and Repair sectors
- e Marketplaces – aimed at those who sell on line (such as online auctions) and don’t disclose their income http://www.hmrc.gov.uk/campaigns/emarket.htm
If you are in one of these target groups, now is time to makesure your tax affairs are in order.