The following Owner-Managed Businesses guidance note Produced by Tolley in association with Guy Smith of inTAX Ltd provides comprehensive and up to date tax information covering:
HMRC taskforces are an initiative aimed at tackling deliberate tax evasion and were first introduced in May 2011.
Taskforces focus on geographically specific business sectors where HMRC suspects high-risk tax evasion is taking place.
Multi-disciplined teams, comprised of direct tax and VAT staff, are often supplemented by Benefits Agency staff looking for benefit fraudsters and, occasionally, police officers and UK Border Agency enforcement officers too. The teams descend on the targeted business sector and ask to see business records and interview staff.
When the initiative was announced, Mike Eland, HMRC’s Director General Enforcement and Compliance, said:
‘These taskforces are a new approach which uses HMRC’s resources to identify rule-breakers and evaders swiftly and effectively. Only those who choose to break the rules, or deliberately evade the tax they should be paying, will be targeted.’
In the years since 2011, HMRC has learned from the early taskforce activity, and the way in which taskforces are launched has changed. Whilst the taskforces have always been intelligence-led, HMRC is now operating a ‘test and learn’ phase before going into a ‘full’ taskforce. The test and learn phases mean that HMRC works on a small number of cases and uses the findings with its Risk and Intelligence Service to refine and improve the case profile in readiness for a full taskforce, which consists of far more cases.
Taskforces have in the past often been confused with campaigns, partly because of the way HMRC had changed the style of press release announcing them and partly because
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
Why is this important?In order to get a full basic state pension, an individual must have paid sufficient national insurance contributions (NIC) for a minimum number of qualifying years in their working life. As NIC cannot be paid in the tax year before the individual reaches the age of 16, or in a
Generally speaking, inheritance tax (IHT) is charged only on transfers of value by individuals and trusts. However, to prevent avoidance of the tax, the charge is extended to participators in close companies where:•a close company makes a transfer of value, or•the share capital or loan capital of a
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marked the end of the Brexit transition / implementation period entered into following the UK’s withdrawal from the EU. At this point in time, key transitional arrangements came to an end and significant changes began to take effect across the UK’s
IntroductionA pension scheme that is not a registered scheme is known as an EFRBS. Since April 6 2006, the distinction between what were approved and unapproved pension schemes has been replaced with a distinction between registered and unregistered schemes.The position as it applies with effect