HMRC Tackles London’s Fast Food VAT Dodgers

A new taskforce to tackle VAT abuse in London’s fast food outlets was announced today by HM Revenue & Customs (HMRC).

HMRC has identified that there is a problem with some fast food outlets deliberately falsifying their records and mis-declaring their true sales levels in order to avoid paying the correct taxes.

Mike Wells, HMRC’s Director of Risk and Intelligence, said:

“This taskforce will come down hard on fast food outlets that have chosen to break the rules and evade the taxes they should be paying. Honest businesses have absolutely nothing to worry about.

“This taskforce comes hard on the heels of one launched last month targeting the restaurant sector in London. If you deliberately seek to evade tax HMRC can and will track you down, and you’ll face not only a heavy fine, but possibly a criminal prosecution as well.”

This is the 4th taskforce launched by HMRC since May 2011. HMRC is planning a further nine taskforces in 2011/12, with more to follow in 2012/13. The taskforces come as a result of the Government’s £900m spending review investment to tackle tax evasion, avoidance and fraud from 2011/12, which aims to raise an additional £7bn each year by 2014/15.

If you are aware of someone who is evading their taxes you can tell HMRC via the Tax Evasion Hotline by phone on 0800 788 887, via the email hotline, or by post full details can be found at www.hmrc.gov.uk

HMRC Trials Single Compliance Process

HM Revenue & Customs (HMRC) has announced trials of a single compliance process for enquiries across a range of different taxes.
By simplifying and standardising the process for compliance checks HMRC will improve customer experience and reduce costs as the check will only take as long as the risks and behaviours encountered dictate.

The trials of the new process will run for six months from 1 June in 10 different locations across the UK: Reading/Slough, Newcastle, Warrington, York, Exeter, London Euston and Southampton in England; Cardiff in Wales; Belfast and Edinburgh/Dundee.

The new process will be rolled out nationally from January 2012, subject to the results of the trials.

David Gauke, Exchequer Secretary to the Treasury, said:

“This Government is committed to relieving the burden on businesses. We know that agents, individuals and businesses find some of HMRC’s current compliance practices drawn out and costly. A single compliance process could help HMRC improve the customer experience and reduce costs.

“HMRC is working directly with agents via the Compliance Reform Forum to help develop it, and will continue to work with them during the pilots.”

The single compliance process will focus solely on the risks and behaviours identified in cases and throughout the life of the compliance check, irrespective of the head of duty (VAT, Income Tax, Corporation Tax and PAYE) involved. The process will be capable of addressing lower risk cases at an appropriate level, but will also increase in intensity should the approach be warranted.

If you require assistance with a Compliance check why not contact Davenports to see if we can help. Simply complete the quick form below and one of our team will contact you back.

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Today a new regional National Insurance Contributions (NICs) holiday for new businesses came into effect.

New business set up outside London, the South East and East of England will be eligible for a holiday worth up to £5,000 for up to the first ten employees they hire in their first year of business. This means a maximum saving on their national insurance payments of up to £50,000.

The scheme will run for three years. It is estimated that 400,000 new businesses will benefit by having a lower tax bill from employing new staff.

New businesses established since the announcement in the Budget on the 22nd June, and which meet the qualifying criteria, will also be eligible to apply.

The regional NICs holiday, announced in the June Budget, will encourage the creation of private sector jobs in regions reliant on public sector employment by reducing the cost to new business of employing staff.

Exchequer Secretary to the Treasury, David Gauke:

“We need to rebalance our economy which has become over reliant on public spending and jobs provided by the public sector.

“The NICs holiday for new businesses in addition to cuts in corporation tax will provide a valuable boost to start up businesses and help foster the private sector led recovery that will drive growth in the UK over the coming years”

Save Money on Business Stationery Today!

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Davenports - Helping you through the economic crisis

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Final Tax Return Reminder for London, Oxfordshire, Buckinghamshire and Berkshire

The 31 January tax return deadline is just around the corner, so if you haven’t sent your return to HMRC yet, you need to act quickly to avoid a £100 penalty.

Nine million people across the country have to file a tax return - including around

• 58,000 with a Croydon postcode
• 68,000 with a Slough postcode
• 81,000 with a Twickenham postcode
• 46,000 with a Watford postcode.
• 107,000 with an Oxford postcode.
• 76,000 with a Milton Keynes postcode (Bucks)
• 139,000 with a Reading postcode (Berks).

If you haven’t yet filed your 2007/08 tax return, you must send it online to HMRC by the 31 January deadline - file on paper and you could receive a £100 penalty, as the new 31 October paper-filing deadline has now passed.

The number of online returns received by HMRC hit 3 million this week - a 39 per cent increase on this time last year - and they now outnumber paper returns for the first time ever. This includes 620 people who filed their tax return online on Christmas Day.

Davenports file all their tax returns online, so there’s still time to avoid a penalty.

Don’t forget, 31 January is also the deadline for paying any tax you owe for the 2007/08 tax year.

If you need help with your tax return contact us now.

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