HMRC’s personal tax returns has increased with 40%

As reported by the UHY Hacker Young Group, a UK chartered accountant company, HM Revenue & Customs, following investigations into personal tax returns, increased the amount of collected tax compared to the last year. The result for year 2012-2013 is £609m which is almost 40% more compared to the year before - £441m.



The credit for this increase probably should go to the so called “Affluent Team” which currently has more than 300 inspectors, based in 17 teams in six locations across the UK. The Affluent team targets wealthy people who habitually use avoidance schemes, have a low effective Rate of Tax across their total income, have UK and offshore property portfolios avoid or evade Stamp Duty on property purchases, fail to file their Self Assessment return on time and have bank accounts in Switzerland who appear to be understating their tax liability.

 

 

According to UHY Hacker Young, for 2015, it is expected to recover around £586m in unpaid taxes.

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