HMRC are investing £900 million over the Spending Review period to transform HMRC work against avoidance, evasion and criminal attack to bring in extra tax revenue of £7 billion by 2014/15.
This includes a more robust criminal deterrent against tax evasion.
HMRC will increase the number of criminal prosecutions five fold and a crackdown of offshore evasion with the creation of a new dedicated team of investigators to catch those hiding money offshore.
David Gauke, Exchequer Secretary to the Treasury, said:-
“HMRC will play a vital role in reducing the deficit, refocusing its resources to maximise revenues. It will become a lot harder for both individuals and companies to evade or avoid tax as HMRC refocuses resources to prevent this before it happens, and to deal with it more effectively when it does.”
However, there have been concerns as to whether HMRC will actually succeed in bringing in the ‘missing revenue’ or whether innocent taxpayers will instead be targeted.
Throughout history every Chancellor has said they will stamp down on tax evasion but to date this has not proved fruitful.
Tax experts are sceptical this latest crackdown will be successful especially in light of dwindling staff numbers at HMRC over recent years.
It remains to be seen as to whether both HMRC and the Government are triumphant in their latest plight but anyone who believes they have, or may be, involved in tax avoidance or tax evasion schemes must seek professional help immediately.
The sooner you seek advice, the sooner everything can be cleared up and with a decreased possibility of facing a criminal prosecution.
KinsellaTax are non-judgemental and whatever strife you have got yourself into, our tax experts can sort it out.
Whatever you do you should not have any contact with HMRC yourself. Get KinsellaTax’ experts to speak to them for you.
Speak to someone today on 0800 471 4546; don’t waste anymore time.