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Who will be next on the HMRC tax crackdown?

As Her Majesty's Revenue and Customs continues to crack down on a variety of tax issues, the latest being the research and development tax credit, there is a feeling that many more companies and sectors are in line for a "review of procedures". Slowly but surely the UK government is working through an array of tax initiatives which were brought in only a few years ago but many people believe are prone to abuse.

We have already seen the government attacking offshore bank accounts, with a promise to go easy on those who admit to holding undeclared funds offshore, which is rumoured to potentially bring in hundreds of millions of pounds in back taxes. There has also been a significant crackdown on benefit fraud and actual benefit payments, as the authorities look to push more and more people back into the employment market even though the number of jobs available in the UK continues to fall.

By hook or by crook the UK government is adamant it needs to reduce the budget deficit, national debt and efficiency of the UK government as a whole. Where this will end nobody knows but those claiming any benefits or tax credits fraudulently will need to watch their back!

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