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22 August 2009

TAXMAN TARGETS BUSINESSES

Currently H M Revenue & Customs can ask banks and estate agents to disclose details about their customers to help find tax evaders. However under new proposals HMRC proposes that all businesses be required to disclose information on people who trade with them. “With these extended powers HMRC will be able to build a database of unprecedented size about UK citizens and businesses” said Roy Maugham at lawyers Hacker Young. “This is the latest in a long line of government initiatives to give HMRC more powers”.

HMRC estimates the cost of tax evasion as approximately £1 billion each year and this initiative would help to reduce this significantly.

HMRC expects to raise in excess of £500 million over the next four years.

If companies fail to comply with the new regime they face fines of £300 and an additional £60 per day until the information is provided!

IF YOU ARE CONCERNED ABOUT ANY OF THE IMPLICATIONS CONTAINED IN THE ARTICLE* ABOVE PLEASE CALL US ON 0207 636 2430 WHERE ONE OF OUR TAX ADVISERS WILL BE PLEASE TO DISCUSS THIS WITH YOU

*FT Weekend 22nd August 2009