HMRC is continuing to make use of the £917 million investment by the Government to stamp out tax evasion, tax avoidance and tax fraud, by launching new taskforces specifically targeting the following areas:
- VAT fraud - The security industry (including bouncers, guards as well as employers) will be targeted in London and the South East. There have been fraudulent VAT repayment claims originating from the sector and with increased vigilance recovery of up to £10 million is possible.
- London Construction Industry - Evasion of tax within this sector could net up to £3 million.
- Hidden Wealth (Midlands) - People with lifestyles beyond their means, whether through undeclared incomes or from unknown assets. Recovery expected of up to £3 million.
- Used Car Sales (Midlands) - Recovery expected of up to £3 million.
People caught within the taskforce targets can expect teams arranging visits to examine records and conduct other investigations into their affairs.
... The Government has made it clear that we will not tolerate tax evasion ... People being targeted by taskforces have no intention of playing by the rules ...David Gauke - Exchequer Secretary to the Treasury
Since the start of the initiative in 2011, there have been 54 taskforces launched, with 16 more planned in this tax year and up to another 30 in the following tax year. The Government hopes to claw back up to £7 billion per year.