Scottish firms placed under HMRC spotlight

Date: 10th November 2011

Small businesses and contractors operating in Scotland are the latest group to be placed under the watchful eye of a new HM Revenue & Customs (HMRC) taskforce.

The department has announced that the dedicated crew will focus on those working in the scrap metal industry and the fast food sector.

Those seen to be deliberately suppressing their income or inflating expenditure will be brought to task, as will those who are found to have falsified records, mis-declared sales or contrived to pay less tax than is due.

A number of small business owners could now be tempted to seek the assistance of a specialist accountancy service in order to ensure that their bookkeeping is up to date.

Mike Wells, HMRC's director of risk and intelligence, warned: "These taskforces will come down hard on fast food outlets and scrap metal dealers that have deliberately chosen to break the rules and evade the taxes they should be paying.

"If you deliberately seek to evade tax, HMRC can and will track you down. You will then face not only a heavy fine, but possibly a criminal prosecution as well."

Posted by Emily Smith