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07/11/2011
Revenue Targets 'Evasive' Scrap Metal Dealers
Scrap dealers are in focus this week with news that a new taskforce targeting scrap merchants who are deliberately failing to pay the right amount of tax has been launched by H M Revenue & Customs, (HMRC).
The taskforce will pursue scrap metal dealers in Scotland and has been set up to tackle tax evasion where the risk is high. It is one of five taskforces announced today that have been set up to tackle tax evasion in different areas of the country.
The new taskforces will target scrap metal dealers in Scotland, focusing on those who are deliberately suppressing their income or inflating expenditure to evade paying tax and construction traders who are self employed or run their own company who suppress sales or over-claim expenses in the North West and North Wales as well as taxpayers not submitting their statutory returns across Corporation Tax, Income tax Self Assessment, PAYE and VAT in the South East.
It will also look at fast food outlets deliberately falsifying their records and mis-declaring their true sales levels to avoid paying the correct taxes in Scotland and target landlords – owning or renting three or more properties – and evading their tax responsibilities in North West and North Wales.
Taskforces are specialist teams that undertake intensive bursts of compliance activity in specific high-risk trade sectors and locations across the UK.
David Gauke, the Exchequer Secretary, said: "We will not tolerate those who break the rules. This taskforce will come down hard on scrap metal dealers and their customers or suppliers who have chosen to break the rules or deliberately evade the tax they should be paying. This is just the start.
"It doesn't matter who you are - HMRC can and will track you down. You will face a heavy fine, a possible criminal prosecution and ultimately jail. Honest businesses have nothing to worry about.
"Taskforces are a direct result of the Government’s £917m spending review re-investment to tackle tax evasion, avoidance and fraud, which aims to raise an additional £7bn each year by 2014/15."
(BMcC)
The taskforce will pursue scrap metal dealers in Scotland and has been set up to tackle tax evasion where the risk is high. It is one of five taskforces announced today that have been set up to tackle tax evasion in different areas of the country.
The new taskforces will target scrap metal dealers in Scotland, focusing on those who are deliberately suppressing their income or inflating expenditure to evade paying tax and construction traders who are self employed or run their own company who suppress sales or over-claim expenses in the North West and North Wales as well as taxpayers not submitting their statutory returns across Corporation Tax, Income tax Self Assessment, PAYE and VAT in the South East.
It will also look at fast food outlets deliberately falsifying their records and mis-declaring their true sales levels to avoid paying the correct taxes in Scotland and target landlords – owning or renting three or more properties – and evading their tax responsibilities in North West and North Wales.
Taskforces are specialist teams that undertake intensive bursts of compliance activity in specific high-risk trade sectors and locations across the UK.
David Gauke, the Exchequer Secretary, said: "We will not tolerate those who break the rules. This taskforce will come down hard on scrap metal dealers and their customers or suppliers who have chosen to break the rules or deliberately evade the tax they should be paying. This is just the start.
"It doesn't matter who you are - HMRC can and will track you down. You will face a heavy fine, a possible criminal prosecution and ultimately jail. Honest businesses have nothing to worry about.
"Taskforces are a direct result of the Government’s £917m spending review re-investment to tackle tax evasion, avoidance and fraud, which aims to raise an additional £7bn each year by 2014/15."
(BMcC)
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