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Serious tax evasion cases drop

The number of serious cases of tax evasion is the lowest it has been for five years, according legal expert Pinsent Masons.

The company regarded cases as being serious should the involved sum be deemed prosecution-worthy, or simply exceed £50,000. This is just one reason why an accountant in Bebington, or anywhere else in the country, needs to stay on top of things, so that HMRC can be confident that it is being presented with accurate numbers.

The news arrives with increased efforts by the government to put a stop to commercial tax evasion. The GM summit, which was recently held in London, had transparency and tax evasion as its official theme.

HMRC has significantly increased its focus on clamping down on tax evasion. The government has given the tax body a number of powers, including the ability to create specialist tax forces. It has also been given increased resources, including 2,500 additional tax inspectors.

Pinsent Masons partner, Phil Berwick, commented on the report:

“This decline in suspected tax evasion doesn’t tally with the rhetoric from some quarters that the British economy is being undermined by a chronic under-collection of tax revenues.

“HMRC has plenty of tools at its disposal to catch tax evaders, which serves as a huge deterrent to those considering tax evasion.”

HMRC said in its statement that it is committed to stopping tax evasion and that it has been granted close to £1 billion to take on evasion, avoidance and fraud.

Posted by Peter
July 9, 2013
Tax

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