Holiday Industry in Blackpool, Lake District, North Wales, Devon and Cornwall
H M Revenue & Customs (HMR&C) expect to bring in £5.5m to the Treasury as a result of opening civil investigations into the Tax Returns and accounts of individuals, partnerships and limited companies in the holiday business operating in these regions.
A Task Force has been set up to intensively tackle what HMR&C believe to be a source of tax evasion. The Teams will have powers to go into business premises to trawl through business records, which will disrupt normal daily trading at the height of the holiday season.
The Officers will not only be seeking to establish that there are unpaid liabilities for one year, but will then seek to attach similar figures for earlier years of trading. Following from this there will be charges to interest on tax paid later than it should have been; plus penalties. There can often be a considerable amount at risk.
Once assessments are made, collection procedures are being ruthlessly applied with HMR&C being the principal creditors filing the majority of Bankruptcy Petitions in the UK.
HMR&C can open criminal as well as civil investigations and traders need to be very cautious when dealing with HMR&C. Inspectors of Taxes now have the same powers as VAT officials and will not hesitate to use them.
If you receive a letter from H M Revenue & Customs opening an investigation, or you are already part way through an investigation, you can seek assistance. Help is at hand from ex-Revenue trained, high level Investigators who can provide you with invaluable support throughout what can be a frustrating ordeal.
The Cobham Murphy team can be contacted as follows:-
Telephone: 0151 285 3100
Fax: 0151 285 3131
Email [email protected]