Partner Article

VAT plan to be launched

As part of government plans to stamp out tax evasion, HM Revenue & Customs (HMRC) has announced a major new initiative.

The campaign, which will be launched over the summer, will try to target individuals and businesses that are trading above the VAT threshold.

The department has already identified areas where significant underpayment is occurring and initially intends to offer customers the chance to put their figures on order, before taking action to target those who choose not to do so.

Figures show that HRMC has previously raised over £500m from voluntary disclosures and a further £100m from follow-up activity.

Graham Purvis from Robson Laidler LLP said: “Previous HRMC projects have targeted savers in offshore investments, mediacal professionals and workers in the plumbing industry.”

The HMRC task force hopes to raise an additional £7bn by 2014/15.

This was posted in Bdaily's Members' News section by Ruth Mitchell .