Tax compliance and the forthcoming general election

The Labour Party have now provided more detail in their plans of how they would tackle non-compliance if they won the forthcoming General Election.

They have said they will be providing HMRC with an extra £555 million to collect a further £5.1 billion per year by closing the tax gap. Whilst here is no guarantee who will be in power closing the tax gap will be a priority for all the main parties.

This certainly not a quick fix, as HMRC will need to train more staff and retain those staff, but once they have there this will mean more compliance enquiries for customers and their advisors to deal with.

Whilst you cannot stop an enquiry for any company or individual, it will be more important than ever for taxpayers to get things right the first time, by ensuring the correct guidance is followed and if you require help you obtain help from a reputable advisor like us.