A West accountant is warning the region’s motor traders and restaurant owners that they are to be targeted by new taskforces created by HM Revenue & Customs (HMRC) to check and collect tax payments.
And even if they have nothing to hide these visits could still cost them dearly in time and professional fees.
The taskforces are among 12 created by HMRC to collect millions of pounds of unpaid taxes. The nine already in operation have captured extra tax, interest and fines totaling more than £50m.
Andy Richens, technical tax director at West accountants Bishop Fleming, which has an office in Bristol, said: “These taskforces are specialist teams, targeting tax evaders by undertaking intensive spot-check investigations to examine business records.
“West motor traders and restaurant owners can now expect a pre-arranged visit and review of their business records.
“Even businesses that have nothing to hide can find that this process takes up a huge amount of time and professional fees. That can be massively reduced by taking out tax-investigation insurance policy.”
The HMRC taskforce initiative is part of the Government’s plan to crack down on tax evasion.
Exchequer secretary David Gauke said recently that the Government would not tolerate tax evasion – everyone needs to pay the taxes they owe in full.
“We are determined to crack down on the minority who break the rules,” he said. “It is not fair that, at a time when most hard-working people are paying the right tax, others are trying to get out of paying what they should.”
