HMRC’s VAT Investigations Bring £1.34 Billion 
Monday, July 30, 2012, 11:23 AM
Posted by Harris Lipman
It has been revealed that the UK’s largest businesses paid out a combined £1.34 billion following HMRC investigations into VAT avoidance within the 2010 – 2011 tax year – more than treble the amount paid the year before – as businesses subjected to new investigations jumped forty-two percent.

The latest figures, which were released as part of a Freedom of Information request, show that HMRC has begun taking a tougher and more aggressive approach to tax and VAT compliance.

However, it has been claimed that such an approach could leave the taxman on a collision course with UK businesses; with a spokesperson for the firm behind the Freedom of Information request, saying: “VAT could become an important battleground between business and HMRC in the next couple of years. Both sides are under pressure: businesses to maintain profits, HMRC to increase its revenue.”

Following the release of the figures, HMRC have claimed that they were distorted by exceptional items including a one-off payment of £500 million which was brought by investigations into the leisure and gaming industry.

HMRC added that it works hard to ensure that the right amount of tax is paid at the right time, added that the avoidance industry had been seriously undermined by its focus on tackling avoidance, preventing billions of pounds being diverted from the Exchequer.

For more information, speak to London Accountants Harris Lipman.

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