South-east property sector to be focus of HMRC taskforce
20th November 2012 | NewsHM Revenue and Customs (HMRC) will be setting up a taskforce to study the records of the rental property sector in the south-east, it has been announced.
The department will be undertaking intense bursts of activity on the industry in an attempt to find tax cheats and recover lost revenues.
Indeed, the latest taskforce launch is expected to recover the best part of £4 million, though the majority of people will have nothing to worry about.
David Gauke, the Exchequer Secretary, said that HMRC is on target to collect £50 million from its 2011-12 taskforces.
"The vast majority of people play by the rules. We will not tolerate tax evasion and will crack down on the minority who choose to break the rules," he added.
"It cannot be fair that, while most people are paying the right tax, a tiny minority are not paying what they should."
Meanwhile, HMRC said last week that its revamped Record Checks programme will only see penalties issues to small businesses with poor bookkeeping as a last resort.
Posted by Thomas Fletcher