HMRC have set up a task force focused on collecting tax from Scottish taxpayers who appear to be living beyond their means. They apparently have access to data which allows them to identify ‘badges of wealth’ which are not consistent with income and gains reported to HMRC, such as large houses, investments, aeroplanes, boats and offshore bank accounts. Whether you are in Scotland or elsewhere in the UK or overseas, it is clear that HMRC are using all of the information available to them to identify taxpayers they believe are under declaring income and gains.
All tax payers should always ensure there income and gains are reported correctly to HMRC as failure to do so can have far reaching consequences, both financial and in serious cases criminal. However, as our tax regime gets ever more complicated, errors and omissions can creep in to the affairs of even the most conscientious taxpayer. There is no time like the present to review your tax affairs and ensure everything is in order.
If you would like our assistance in reviewing your tax affairs, assisting with an HMRC tax enquiry or in making a disclosure to HMRC, please contact us at the earliest opportunity.