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Company directors targeted by HMRC

HM Revenue and Customs is taking extra measures to ensure that company directors submit their personal tax returns.

No doubt business owners will be ensuring that they provide their accountants on the Wirral, or elsewhere in the UK, with personal as well as business numbers. If they fail to do so, they risk facing penalties.

The taskforce typically operates by engaging in short activity bursts, targeting certain regions and industries regarded as being high-risk. HMRC has managed to collect over £80m by using the taskforces since their 2011 launch. It is aiming for a further £90m a year from new launches by 2017.

A number of financial firms have said that they are being forced to handle more and more enquiries from directors, with business leaders being told that they will be penalised should it be found that they have not informed HMRC of tax “chargeability” during the latter half of the relevant tax year.

Dawn Register, a tax investigations director, said:

“This is a logical step for HMRC to take. Companies House lists all company directors and for HMRC to cross check this with their own information, is a simple and cost effective way of ensuring that all those who should have filled in personal tax returns, have done.”

Ms Register went on to say that it is further indication of HMRC laying down the law for those who have failed to meet their tax requirements. She advised company directors to make themselves aware of any tax obligations with even a simple admin error potentiality leading to a heavy fine.

Posted by Mark
September 25, 2013

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