{"id":19645,"date":"2019-09-19T10:52:04","date_gmt":"2019-09-19T10:52:04","guid":{"rendered":"https:\/\/smh.group\/?p=19645"},"modified":"2023-02-15T13:50:08","modified_gmt":"2023-02-15T13:50:08","slug":"cracking-down-on-compliance-pays-for-hmrc","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/cracking-down-on-compliance-pays-for-hmrc\/","title":{"rendered":"Cracking down on compliance pays for HMRC"},"content":{"rendered":"\n

New figures show HMRC\u2019s \u201ccustomer compliance\u201d\nefforts are yielding substantial sums.  <\/strong><\/p>\n\n\n\n

In early August, HMRC issued its annual report and\naccounts for 2018\/19. While not everyone\u2019s choice of holiday reading, it did\ncontain some eye-opening information about the \u201ccompliance yield\u201d \u2013 how much\nHMRC raised from its work in countering tax avoidance schemes, tax evasion and\nplain fraud. <\/p>\n\n\n\n

HMRC puts the figure at \u00a334.1bn out of total revenue\nraised in 2018\/19 of \u00a3627.9bn. Of that \u00a334.1bn, \u00a313bn was hard cash collected\nas a result of investigations, a 27% increase on investigations from the\nprevious year. The sharp rise was partly due to individuals settling with HMRC\nahead of April\u2019s introduction of the controversial Loan Charge, targeting\ndisguised remuneration schemes. <\/p>\n\n\n\n

UHY Hacker Young, the accountants, suspect that\nHMRC\u2019s improved compliance cashflow could also be due to last year\u2019s offshore\ntax campaign. This established a \u2018requirement to notify\u2019 HMRC of undeclared\nincome or gains by September 2018, or face penalties of up to 200% of the\namount due, plus interest. <\/p>\n\n\n\n

There was probably also a boost from the\nimplementation of the OECD\u2019s Common Reporting Standard, generating automatic\nexchange of information between national tax authorities. This may have become\napparent from the appearance of questions about tax residence in many financial\ndocuments or from existing institutions with which you hold investments.<\/p>\n\n\n\n

In its accounts, HMRC highlights that it places\nabout 500,000 \u2018Wealthy Individuals\u2019 into their own separate \u2018customer group\u2019.\nTo join this select group requires an income of over \u00a3150,000 or assets above\n\u00a31 million. Those lucky members are the focus of special teams with \u201can\nin-depth understanding of the finances, behaviours and compliance risks of\nwealthy individuals\u201d and \u201cstrong data-led approaches to identify who is not\npaying the right tax\u201d. <\/p>\n\n\n\n

The unspoken message from HMRC is that sidestepping tax, whether by contrived avoidance schemes, evasion or fraud, is becoming ever more unlikely to succeed. On the other hand, there remain plenty of straightforward planning opportunities with which we can help you.<\/p>\n\n\n\n

To discuss your tax plannign strategies with one of our Chartered Financial Planners<\/a><\/span><\/strong> drop us a line on 0114 266 4432<\/strong> or info@smhca.co.uk<\/a><\/span><\/strong><\/p>\n\n\n\n

The value of tax reliefs depends on your individual\ncircumstances. Tax laws can change. The Financial Conduct Authority does not\nregulate tax advice.  <\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

New figures show HMRC\u2019s \u201ccustomer compliance\u201d efforts are yielding substantial sums. <\/p>\n","protected":false},"author":4,"featured_media":18383,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16],"tags":[363,77,11,362,19,258],"class_list":["post-19645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-compliance-payments","tag-financial-planning","tag-hmrc","tag-payments","tag-tax","tag-tax-avoidance"],"acf":[],"yoast_head":"\nCracking down on compliance pays for HMRC - SMH Group<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cracking down on compliance pays for HMRC - 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