Our website uses cookies to store information on your computer. You may delete and block all cookies from this site, but parts of the site will not work as a result. Find out more about how we use cookies.
(Do not show this message again)
Shout99 - News matters for freelancers Advert
Search Shout99 - News matters for freelancers
(Advanced Search)
   Join Shout99  About Shout99   Sitemap   Contact Shout99 31st Jul 2014
Forgot your password?
Shout99 - Freelancers, FO35, Section 660
New Users Click Here
Shout99 - Freelancers, FO35, Section 660
Shout99 - Freelancers, FO35, Section 660
Front Page
News...
Freelancers' Shop...
Ask an Expert...
Letters
Direct Contracts
Press Links
Question Time
The Clubhouse
Conference Hall...
News from Partners
Accountants

Login
Sitemap

Business Links

Shout99 - Freelancers, FO35, Section 660

Freelancers' Shop

Personal Financial Services
from ContractorFinancials

Mortgages

Pensions

ISAs

Income protection

... and more special offers for Shout99 readers in the Freelancers' Shop

Shout99 - Freelancers, FO35, Section 660
  
Shout99 - Freelancers, FO35, Section 660

News for the
Construction Industry

Hardhatter.com - News for small businesses in the construction industry

Powered by
Powered by Novacaster
Advertisement
Shout99 Jobs

HMRC hits a record high on property raids
by Susie Hughes at 10:34 07/07/14 (News on Business)
Property searches by HM Revenue and Customs (HMRC) to target tax evasion jumped by 12 per cent in the last year to 500, up from 445 property raids in 2012/13 - and more than triple the number of property raids that HMRC undertook each year between 2008 and 2011.
The figures have been obtained by law firm Pinsent Masons, who says that the sharp jump in property raids since 2011 is a result of HMRC’s sustained efforts to deliver its goal of increasing prosecutions for tax evasion. HMRC’s target is to prosecute 1,165 people for tax evasion in 2014-15, five times more than its 2010 target of 250 prosecutions.

According to Pinsent Masons, HMRC raids are often carried out early in the morning to catch suspects off-guard or during holiday seasons when a suspect’s legal advisers might be away. HMRC's objective is to seize as many documents and computers as quickly as possible.

Advertisement
Jason Collins, Head of Tax at Pinsent Masons, said: “HMRC is making a huge effort to up the ante against tax evasion, raiding more properties and arresting more suspects to keep up with its criminal prosecutions target.”

“They have just managed to hit a new record high.

“HMRC are also casting their net wider, not only going after the very biggest suspected tax evaders but also increasingly targeting middle class professionals, like bankers and lawyers. Even though the value of the tax evaded in those cases is relatively low, HMRC is keen to pursue those cases to the bitter end as a deterrent to other tax evaders.

“There has always been the problem that tax evaders don’t live in fear of HMRC. These raids and arrests are designed to give all tax evaders sleepless nights.”

Police-style
The raids on homes and businesses to seize evidence of tax evasion and to make arrests are now increasingly being used to supplement HMRC’s traditional methods of running tax investigations – such as prearranged visits to review business records.

HMRC teams that undertake property raids also have the right to search individuals and many will have the power to make arrests without the presence of a police officer or the need to seek an arrest warrant.

Jason Collins said: “Raiding properties is partly about HMRC demonstrating the police-style powers that it has in a dramatic show of force.

“HMRC wants to send a very clear signal to individuals and businesses that evading tax has very serious consequences.”

Offshore
A particular focus for HMRC is those who hide money offshore and it plans introduce a new "strict liability" offence of failing to disclose offshore income.

Mr Collins said: “HMRC's hand will be strengthened even further if it is given the go ahead to do this. This would make it easier to get a warrant to raid a property, as HMRC would no longer have to show a court there are grounds to suspect an intent to evade tax, just that tax was due and not declared, even if it was an oversight or error on the part of the taxpayer.

"From 1 July, financial accounts (including interest in certain offshore trusts and companies) will become liable to reporting to HMRC.Tax evaders are very quickly realising that the places to hide are fast running out. HMRC is closing the net on suspected tax evaders and signing up offshore territories to ‘automatic information exchange’.

"Individuals and businesses who think they can escape HMRC’s anti-tax evasion drive should think again - and should come forward to use the current amnesties which provide immunity from prosecution.”


--
If you wish to comment on this article, please log in and use the Reply button below. Registering is free and easy - see 'Join Shout99'.
-
Susie Hughes © Shout99 2014

Printer Version

Mail this to a friend

Copyright 1999-2012, Shout99.com | All Rights Reserved | Legal Notice
 

Advertisements
advert
advert
advert
advert