South East goes under the taxman’s microscope

HM Revenue & Customs (HMRC) is now targeting the affluent South East as part of efforts to reduce tax avoidance around the UK.

The department’s latest compliance campaign will focus on the South East because the taxman has identified that a number of businesses and individuals operating in the region avoid paying the right amount of tax by not submitting the appropriate tax returns.

Jane Goold, Manager at Accountants and Business Advisers James Cowper commented: “We expect HMRC to take a particular interest in small business owners. Statutory returns across Corporation Tax, Income tax, Self Assessment, PAYE and VAT will come under the microscope and James Cowper recommends taxpayers approach their accountant or tax adviser before contacting HMRC. Returns can be complex and without detailed knowledge of the tax system people could face a larger tax bill and penalty than necessary.”

Jane added: “Penalties are usually lower if you contact HMRC before they contact you. If you suspect your tax affairs are not completely up-to-date this disclosure opportunity cannot be ignored or avoided. Now would be the time to come clean and avoid potential court action down the line."

Jane Goold, Manager, James Cowper LLP, Tel +44 (0)1635 35255 or email jgoold@jamescowper.co.uk

10.11.11