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Cumberland and Westmorland Herald
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    £8,000 for two new nature reserve projects

    £8,000 for two new nature reserve projects

    Fun day in Penrith to celebrate community spirit

    Fun day in Penrith to celebrate community spirit

    Arrests after shoplifting incidents in Penrith

    Arrests after shoplifting incidents in Penrith

    Anti-social residents move out after threatened with police order

    Anti-social residents move out after threatened with police order

    Illegal vapes seized from Eden shop

    Illegal vapes seized from Eden shop

    Partnership vs company: Choosing the right structure for your farming business

    Partnership vs company: Choosing the right structure for your farming business

    Pensioner exposed himself to Lake District runner

    Pensioner exposed himself to Lake District runner

    Expansion of smell complaints scheme

    Expansion of smell complaints scheme

    Terminal hillness: Cumbrian man with incurable cancer pays homage to the Lake District

    Terminal hillness: Cumbrian man with incurable cancer pays homage to the Lake District

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    £100,000 target for new changing rooms extension

    £100,000 target for new changing rooms extension

    Medal success for Upper Eden tug-of-war team

    Medal success for Upper Eden tug-of-war team

    Eden man competes in Hyrox World Games

    Eden man competes in Hyrox World Games

    Double national triumph for Stuart Robinson

    Double national triumph for Stuart Robinson

    Patterdale’s Eden Eagles make history

    Patterdale’s Eden Eagles make history

    Penrith teen crowned British vault champion

    Penrith teen crowned British vault champion

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    Penrith gymnasts represent North of England in finals

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    New boss revealed for Penrith AFC

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    Penrith Panthers celebrate winning season

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Home Expert advice
This article appears as part of a paid partnership with Armstrong Watson

HMRC’s £1.4bn mission to close the tax compliance gap

by CWH
21 December 2024
in Expert advice, News, Sponsored
A A
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Brian Rudkin

The Government has made it clear it will be looking to increase tax revenues, with a distinct focus on tax compliance, announcing “the most ambitious ever package to close the tax gap” in the Autumn Budget.

This includes a £1.4bn investment to recruit and train 5,000 compliance staff and the appointment of a Covid Corruption Commissioner to recover funds from those who wrongly claimed government support during the Covid-19 pandemic.

The latest figures show the tax gap for 2022/2023 stands at a record high of an estimated £39.8bn (4.8 per cent of tax liabilities).

With such a deficit, it comes as no surprise that in the last quarter, HMRC opened 93,000 tax investigations, well above the 78,000 average.

What will this mean for businesses and individuals?

We anticipate a key focus area for HMRC activity will be on employer compliance – particularly given that PAYE and National Insurance Contributions account for the largest proportion of tax revenues for the Government – and with the appointment of a new Covid Corruption Commissioner, payments for furloughed staff under the Coronavirus Job Retention Scheme are very likely to sit at the top of the investigation list.

HMRC already conducts regular National Minimum Wage (NMW) compliance campaigns, and while the revenue isn’t necessarily targeting employers it believes are deliberately paying below NMW rates, these audits can often find technical breaches in areas such as working time, pay deductions and age-related rates.

Certain ‘non-employees’, such as contractors and consultants, can also be subject to NMW rules and this is an area of particular interest for HMRC when reviewing a business’ records.

What can make you a target for an HMRC investigation?

There are several reasons why you may be more likely to trigger attention from HMRC, including the sale of a business, incorrect information, high net-worth individuals or changes in your financial reporting.

However, no one is immune to a tax investigation – even companies and individuals confident of their compliance.

Action to take

It is important to identify any compliance gaps in your business or personal tax affairs. With National Minimum Wage and employer National Insurance Contributions increasing in April 2025, employers will need to be extra vigilant in these areas.

If HMRC launches an investigation the range of records and documents the inspector might check is vast and will likely include your annual HMRC tax returns, any PAYE records, tax you have paid, self-assessment returns, full company records or tax calculation evidence.

If you would like tax advice and support for you and/or your business please call 01768222030 or email help@armstrongwatson.co.uk

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