Tax authorities taking a new approach to investigations
The UK tax authorities are today reaping the rewards of a more focused approach to investigations into individual taxation setups. The authorities have increased the number or "aspect inquiries" over recent months into wealthy individuals and this new targeted approach has seen more conviction rates, more funds returned to the UK tax authorities and a greater awareness of potential tax "evasion or avoidance" schemes.
There is no doubt that a number of major loopholes have now been closed although in some instances there have been a number "innocent parties" impacted by the changes. At a time when the UK government needs every penny and every pound it can lay its hands on we are now seeing a more focused and efficient approach to reclaiming unpaid and overdue tax. However, there may well be a blot on the landscape!
Ongoing public-sector budget cuts and departmental changes in the government will impact upon many different departments and HM Revenue and Customs will not escape. There are now growing concern that the good work carried out by HM Revenue and Customs over the last few years could be lost if as expected significant cost cuts are implemented in the short to medium term. Surely if the department is "paying for itself" there is an argument for ring fencing it from budget cuts?
Share this..
Related stories
Benefits System Comes In For More Criticism
A new survey has uncovered a staggering 25% jump in the number of benefit frauds across the UK, with over £140 million being lost to the criminals each year. The survey has shown a number of astounding examples where people have been running businesses while claiming disability allowance and incapacity benefit - the examples are as shocking as they are unbelievable! Quite why the councils inv...
Read MoreHypocrisy of the highest order at the FSA?
As the new chairman of the FSA settles into his new office and joins in the Labour Party led rant against the sky high wages in the City and excessive bonuses it seems as though the tenure of Lord Turner has hit a rocky patch already!
After joining the assault on the so called City fat cats it was pointed out to Lord Turner and the Chancellor Alistair Darling that Lord Turner himsel...
Treasury criticised on inheritance tax
More than half of detached houses in over 50 per cent of postcode districts in England and Wales are above the inheritance tax threshold, the Halifax bank has revealed.In total 29 per cent of detached houses across the UK are liable to pay the tax on properties worth over £300,000.This proportion has increased from 16 per cent five years ago, leading Halifax to criticise the gradual increase in T...
Read MoreSupport grows for Lord Turner's Tobin tax
The controversial comments from Lord Turner, the chairman of the Financial Services Authority (FSA), regarding a tax on each and every financial transaction in the UK are starting to gather support amid calls that the Treasury should at least give Lord Turner a fair hearing. While there is no doubt that Lord Turner overstepped his brief as chairman of the FSA there are many who believe that the UK...
Read MoreAre you making full use of UK tax regulations?
While the vast majority of us have a fairly straightforward tax life, i.e. we work, we pay tax and spend the rest, a number of people such as those who work from home and possibly overseas may have more complicated tax lives than the average member of the UK population. As a consequence, it is vital that you make yourself aware of the full range of tax regulations and tax benefits in place and ens...
Read More