National audit, tax and advisory firm Crowe Clark Whitehall is advising anyone who may have undeclared income, or who has claimed back money to which they are not entitled, to make a voluntary disclosure to HMRC as soon as possible.
Simon Warne, Tax Partner at Crowe Clark Whitehill, said: “This is one of a number of initiatives we are seeing from HMRC as they clamp down on tax evasion, to ensure people pay the right amount of tax.
“In our experience, failure to voluntarily disclose will only lead to an even bigger problem, especially as penalties for deliberate concealment can be up to 100% of the tax due.”
The new taskforce, which is specifically targeting London and the South East, will put the spotlight on up to 400 people abusing the Self Assessment system fraudulently to claim back money they are not entitled to. The initiative is expected to recover £6 million and prevent future fraudulent repayments being claimed.
HMRC’s taskforces undertake intensive bursts of activity in specific high risk trade sectors and locations in the UK. The teams may visit traders to examine their records and carry out other investigations.
HMRC is on track to collect more than £50 million as a result of taskforces launched in 2011-12 and expects to collect a further £90 million in 2013.
Simon Warne added: “Our Kent tax team has considerable experience of working with HM Revenue & Customs to reach settlement agreements for our clients.”
Crowe Clark Whitehill has eight offices nationally, including offices in Tunbridge Wells and Maidstone.
For more information on managing your tax affairs contact Simon Warne on 01622 767676 or email email@example.com.