A Tax Stuffing

It seems appropriate when we are about to enter the season of over-indulgence to review one’s business practices and perhaps review your own coming potential tax liabilities to minimise the chances of getting a stuffing from the tax authorities this Christmas.

Tax changes are for ever happening and it is sometimes even hard work for our tax department to keep on top of ever changing legislation. Within the last year we have witnessed the introduction of ‘real time information’ with regards to paye and within the last week or so the new Accelerated Payment Scheme (APS). This scheme gives HMRC the right to demand disputed tax upfront and it is thought will be used in cases where HMRC are investigating taxpayers (or “customers” as they are now referred to) thought to be involved in potential illegal tax avoidance schemes or serious tax evasion.

Coming hard on the heels of Halloween the HMRC now use shared information from other agencies such as banks, border control, and the formidable database of Connect which enables the Revenue to check up on databases such as the Land Registry unit and the electoral role.

Within the public domain nowadays it is possible for a superstore as well as the taxman to build up a perfect picture of your shopping habits and budget down to knowing the size of your mortgage and your monthly car HP commitments so beware this festive season of getting a nasty surprise in your Christmas stocking.

Jason Steedman