HMRC Disclosure Campaigns Raise Over £1.2 Billion
Have you any undeclared income or overstated expenditure?
POSTED BY HELEN BEAUMONT ON 12/01/2018 @ 8:00AM
HMRC Disclosure Campaigns have successfully raised over £1.2billion in revenue as individuals and businesses are offered a window of opportunity to come forward with undeclared income or overstated expenditure ...
The HMRC Disclosure Campaigns are ongoing and still raising a huge amount of revenue!
copyright: chrisdorney / 123rf stock photo
Once the window for disclosure has closed, HMRC will then embark upon follow up compliance activity, which typically includes investigations and prosecutions. If the individual or business had come forward during the disclosure campaign window, they would have received a more sympathetic ear and reduced fines.
"Over £1.2bn has been generated from the 18 campaigns launched to date!"
What may be of more interest is the amount of money HMRC is continuing to collect from compliance action. As an example, between February 2015 and March 2017, HMRC received just shy of £25m from the pursuit of doctors and dentists following the Tax Health Plan campaign. This was despite the campaign closing way back in June 2010.
During the same time frame, nearly £18m was extracted from online traders, even though the campaign closed in September 2012.
The top 5 revenue generating disclosure campaigns:
Tax Health Plan (doctors and dentists) – £24.7m
E marketplaces (online traders) – £17.7m
Property Sales (UK and foreign residential disposals) – £14.6m
Offshore New Disclosure Opportunity (UK based individuals/businesses with an offshore account/asset) – £10.8m
VAT Outstanding Returns (window for VAT registered businesses to get uptodate with late VAT returns) – £8.0m
These figures cover the period between 1 February 2015 and 31 March 2017.
Once a disclosure campaign window closes, you could imagine that a particular business sector lets out a collective sigh of relief and assume HMRC has moved on to different targets.
"There is truth in this, but don't assume HMRC has moved on completely!"
If you're at all concerned about HMRC Disclosure Campaigns and what it means for you, do give me a call on 01908 774323 or click here to ping me an email and let's see how I can help you.
Until next time ...
More about Helen Beaumont ...
Helen brings the personal tax planning experience of the top 20 tax companies to Essendon. Formerly of MacIntyre Hudson (with 45 offices nationwide), Helen worked at Chancery for more than 10 years before joining Essendon as the personal tax specialist.
Tax Planning can make a considerable difference to your tax liability. Helen has specialist knowledge and experience in tax planning and uses every opportunity to minimise your tax bill is utilised. By analysing your investments, income, profit and expenditures, Helen will provide strategic tax planning expertise that could offer significant savings, whilst delivering clear, honest advice and guidance.
When Helen is not at Essendon she spends time with her young son and likes going on long walks with the family dog.
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