The National Audit Office has published a report outlining HM Revenue & Customs’ approach to collecting tax from high net worth individuals.
According to the report, in 2015 HMRC’s specialist unit recovered £416 million over and above the tax that high net worth individuals had initially voluntarily declared. Efforts are however on-going to recover an estimated £1.9 billion that is potentially owed in taxes by the UK’s wealthiest people.
In 2016-17, the minimum wealth requirement for HMRC’s high net worth bracket will drop from £20m to £10m.
If you are concerned about a tax enquiry into your affairs, or you are 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.
If you have any concerns relating to your tax affairs, please contact Alan Ford or you usual Beavis Morgan Partner.