HM Revenue & Customs (HMRC) has collected an extra £29 billion from its crackdown on tax avoiders, according to its 2016/17 annual report.
The taxman marks its seventh consecutive year of record total tax revenues, collecting a total of £574.9 billion in 2016/17, an increase of £38.1 billion on the previous year.
In addition, the annual report shows that the Revenue won 83 per cent of the 1,200 plus cases heard in courts and tribunals.
HMRC Chief Executive, Jon Thompson, says: “In the last year, we have generated £28.9 billion of compliance yield, billions of pounds that would have otherwise been lost to the UK through avoidance, evasion and organised crime but will now be spent on public services. That’s around £1,000 for every household in the UK. We have also strengthened our grip on the minority who deliberately try to cheat the system and continue to pursue those who refuse to pay what they owe, on behalf of the honest majority.”
Mr Thompson adds: “The message is clear to those who try to not pay their fair and legal share: there is nowhere left to hide.”
If you are concerned about a tax enquiry into your affairs, worried that you may have possibly under-declared or, worse still, are you already under enquiry, our tax specialists, some of whom are former HMRC Inspector of Taxes, are well versed in dealing with all types of tax issues. We are also readily available to oversee HMRC disputes on your behalf, as well as to represent clients in appeal proceedings before the Tax Tribunal. In some situations we can also offer professional fee protection insurance, so the costs are covered in whole or in part.
For more information and to discuss your tax affairs in further detail, please contact Alan Ford or your usual Beavis Morgan Partner.