Whatever you think of the current economic situation, what is clear is that the tax revenue required by the Government has to be maximised if the Chancellor has any chance of balancing the books of UK plc.
Over the past few six months, we have seen, for example, a number of targetted campaigns undertaken by HMRC against a range of trades and professions in an attempt to increase the amount of tax that these individuals pay. From scrap metal dealers to doctors, from fashion house to footballers, specialist teams in the Revenue have been sending out letters to thousands of people to enquire into their affairs.
I believe that this is just the start of a concerted effort by HMRC to focus their limited resources on increasing the tax take from the self-employed and sub-contractors. If you’re concerned about your own position, please get in touch with me and I’ll see what I can do to mitigate your liabilities.