{"id":19977,"date":"2020-03-10T13:44:27","date_gmt":"2020-03-10T13:44:27","guid":{"rendered":"https:\/\/smh.group\/?p=19977"},"modified":"2023-02-15T13:49:41","modified_gmt":"2023-02-15T13:49:41","slug":"hmrcs-fruitful-small-companies-investigations","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/hmrcs-fruitful-small-companies-investigations\/","title":{"rendered":"HMRC\u2019s fruitful small companies\u2019 investigations"},"content":{"rendered":"\n

Focus tends to\nbe on large companies when it comes to maximising tax yield, particularly in\nHMRC investigations. Recent figures, however, show that the Revenue\u2019s efforts\nat the lower end of the scale have been reaping rewards for the Treasury.<\/strong><\/p>\n\n\n\n

Changes to data\ndriven methods of investigation into individuals and small firms clawed back\n\u00a34.9bn in extra tax in 2018\/19, according to research from law firm Pinsent\nMasons. The ratio gain for HMRC was \u00a316 for every \u00a31 spent. This level of\nreturn on effort means that investigations into smaller misdemeanours and\nmistakes may become both easier and more fruitful for HMRC to pursue. <\/p>\n\n\n\n

The section\nresponsible is HMRC\u2019s individuals and small business compliance directorate.\nThey define small business as a company with an annual turnover of under \u00a310m\nand fewer than 20 employees. Individuals filing self-assessment tax returns are\nthe other focus of the unit\u2019s effort. A mistake on one return can trigger an\ninvestigation in previous years\u2019 returns, with the potential for penalties or\nunpaid tax demands. <\/p>\n\n\n\n

At the other end\nof the scale, HMRC\u2019s additional powers under corporate criminal offences\nlegislation now have nine firms under investigation for failing to stop the\nfacilitation of tax evasion. These are the tip of a tail that could run to\nanother 21 firms across multiple sectors including financial services, software\ndevelopment, construction, oil and labour provision. <\/p>\n\n\n\n

While there are\nyet to be any convictions under the legislation, HMRC is tackling fraud and\nevasion with increasing success. The Fraud Investigation Unit netted \u00a35.4bn in\n2019 following thousands of civil and criminal investigations.<\/p>\n\n\n\n

Whether you\u2019re an individual, small firm or a large company, HMRC is now able to request and receive documents and data that could result in payments of extra tax or worse. <\/p>\n\n\n\n

Taking care to ensure that everything you submit around your tax responsibilities is correct is the best way to keep any investigations at bay. And of course, if you are in on the receiving end of queries from HMRC, make sure you get in touch with one of our Accounting & Business Advisory<\/a><\/span><\/strong> on 0114 266 4432<\/strong> or info@smhca.co.uk<\/a><\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Focus tends to be on large companies when it comes to maximising tax yield, particularly in HMRC investigations. Recent figures, however, show that the Revenue\u2019s efforts at the lower end of the scale have been reaping rewards for the Treasury.<\/p>\n","protected":false},"author":4,"featured_media":17262,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3,4],"tags":[336,83,491,11,250,19,490,409],"class_list":["post-19977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","category-chartered-tax-advisers","tag-business-tax","tag-chartered-accountants","tag-fraud","tag-hmrc","tag-self-assessment","tag-tax","tag-tax-investigations","tag-tax-payments"],"acf":[],"yoast_head":"\nHMRC\u2019s fruitful small companies\u2019 investigations - SMH Group<\/title>\n<meta name=\"description\" content=\"Focus tends to be on large companies when it comes to maximising tax yield, particularly in HMRC investigations. 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