Taxpayers urged to seek professional advice

Date: 10th February 2012

Taxpayers working in a wide range of UK industries have been encouraged to seek professional advice following a recent government announcement.

HM Revenue & Customs (HMRC) announced yesterday (February 9th) that it is to launch a number of new campaigns aimed at clamping down on tax invaders including those who fail to file their tax returns.

The campaigns will pay close attention to those failing to submit a tax return who would be subject to the highest tax rates.

Individuals working in the home improvement sector and those buying and selling goods directly to other people will also be targeted.

TaxAssist Accountants has said that HMRC is far more lenient with taxpayers who hold their hands up to mistakes than those who wait to be caught.

Jo Nockels ACCA, the firm's Training and Communications Manager, commented: "If you have nothing to hide; then you have nothing to worry about. However, if you think you may not have been declaring everything correctly, I would encourage you to seek professional advice and consider coming forward under a campaign.

"The level of penalties if you come clean, is generally much lower than if you wait for HMRC to find you first."

Posted by Emily Smith