HMRC has issued a stern warning to both small and big-time tax evaders: “If you have any income you haven’t told us about, you need to declare it before we catch you.”
The warning will come as no surprise to many, given HMRC’s bulking up of technology and staff to clamp down on tax evasion. Prominently displayed on HMRC’s website are the words, “This makes it easier for us to find you – no matter who you are.”
According to Jennie Granger, director general of enforcement and compliance at HMRC, people with offshore accounts, who are living lifestyles beyond their means through undeclared income, will receive ‘special attention’ from HMRC’s new taskforces.
“HMRC taskforces are deployed in sectors and areas where we’ve detected a high risk of tax evasion. If you haven’t declared all your income we will find you and investigate. Not only could you face a heavy fine, but a criminal prosecution as well,” says Granger.
Get your tax affairs in order
If you already pay tax on all of your income, you can rest assured that you’re not on HMRC’s blacklist. But if you’re unsure whether you need to complete a tax return, it’s never too late to submit one. You can inform HMRC about any tax you think you may owe by amending your previous tax return. HMRC’s online form also gives you the option of informing them about someone who isn’t declaring their income.
Remember, you can always get independent advice from a company like 1st Contact Accounting if you’d like a professional set of eyes on your tax affairs.
1st Contact Accounting has over 17 years’ experience in providing flexible accounting services to suit every contractor’s needs.