Reports from accountancy firms from the largest to the smallest indicate increased activity from HMRC. After several years of lower activity and investigations, the new army of 900 inspectors is ready to challenge more companies and their compliance arrangements.
Egged on by the press and Parliament, HMRC are looking to close part of the tax gap estimated at £34billion through increased investigations on selected companies.
The danger is that a number of companies have become complacent and therefore lax over their compliance will find they will have an unwelcome tax bill the next time the Revenue come knocking. For those who don’t have a low risk rating it is a question of when not if HMRC launch an investigation on you.
