Today, tax inspectors have begun an all mighty rampage in London, where their target are restaurants, they will then move onto restaurants in Scotland, followed by the North West.
The HMRC has a goal of collecting an additional £7 billion in tax a year from businesses and individuals by 2014.
Any clampdown on tax evasion is welcome - tax evaders can gain an unfair business advantage, allowing them to undercut and even drive out of business those who pay their taxes in full.
However, it is the way in which tax inspectors are orchestrating the clampdowns that is a huge cause for concern for all money-based businesses, such as hairdressers, bars, hotels and restaurants.
A restaurant in Bristol reported how a coach load of 20 tax inspectors arrived unexpectedly, carried out there inspection and closed the restaurant down there and then.
Tax must be paid but the country also needs jobs and growth, especially at this time of economic downfall. Raids and investigations that are handled poorly can lead to otherwise viable businesses closing down.
The HMRC were given £900 million in last year’s spending review, and it is hoped that this will provide them with the extra resources they need.
For more information, please visit www.twpaccounting.co.uk
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