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HMRC ramps up investigations

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HMRC scaled up its investigations work at the start of 2021, following the dip in 2020 as its resources were deployed elsewhere during the covid pandemic. Accountancy firm UHY Hacker Young reports that 102,000 compliance investigations were opened in the first quarter of 2021 compared to just 27,000 in quarter two of 2020, with revenue from compliance activity jumping to £14.2bn (up from £11bn in early 2020).

Noting that HMRC’s more lenient approach to taxpayers during the pandemic appears to be ending, Graham Boar, partner at UHY Hacker Young commented: ‘Taxpayers with skeletons in the closet should be aware that they are at risk of investigations, fines and even prison sentences. It would be favourable for individuals with unpaid tax to approach HMRC first before they come knocking.’

Issue: 1541
Categories: News