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Bond Support Scheme
Find out about the Bond Support Scheme - how it works, its benefits and how to apply.
UK and African business leaders arrive in Togo to create trade and investment deals
The event brings together delegations from ten African nations alongside leading UK companies and investors to advance partnerships that promote economic growth and jobs.
Countering sanctions evasion: guidance for freight and shipping
For freight forwarders, carriers, hauliers, customs intermediaries, postal and express operators, and other companies facilitating the movement of goods.
International Compliance Tips for Entrepreneurs Going Global
While expanding across borders can accelerate business growth, it also raises the stakes when it comes to staying legally compliant.
Cutting Administrative Burdens When Trading Abroad
From customs declarations to inventory tracking across borders, the paperwork and compliance requirements can quickly become overwhelming for growing companies.
UK Government Tax Facts & Figures
HM Revenue & Customs (HMRC) produce an Annual Report and Accounts every year to demonstrate their achievements in collecting taxes for the Treasury. The 2012/13 Report highlights some of its achievements during the year ended 31 March 2013, which includes:
- £20.7bnwas generated through compliance activity - £2bn above target and £2.1bn more than was collected in 2011/12. HMRC seem set to deliver the required £23.5 bn from compliance activity by 2014/15.
- £1.5bnwas amassed from fines and penalties, signifying a substantial increase on the £0.8bn raised in 2011/12.
- £342mwas received through the UK-Swiss tax cooperation agreement, which came into force in January 2013.
Targeted campaigns
HMRC’s campaign activity remains pivotal in raising revenue, with more than £600m already collected as a result of campaign activity to date, involving 22,000 investigations
Targets for campaigns have included those trading online in the UK, as well as more traditional service providers, such as plumbers and electricians.
Proactive Taskforces
HMRC expects somewhere in the region of £173m to be raised from taskforce activity. £72m has already been gained through the initiative, which launched in 2012/13, introducing 28 geographical areas. As well as focusing on specific geographical areas, the taskforce’s targets have included specific sectors (such as the legal profession in London, restaurants in the South East of the UK, hair and beauty salons in the North East and the motor trade in Scotland). It is anticipated that a further 28 taskforces will be introduce in 2013/14.
The Future
More than 5,400HMRC staff have been moved to new or different compliance roles to help deliver extra revenue through compliance. This will include new methods for gathering information including collecting information from those who process credit and debit card transactions, with the intention of driving further compliance activity from spring 2014 onwards.
If you are unsure whether your business is fully tax compliant, or to discuss how any HMRC initiatives might impact you, contact Jamie Richardson to discuss your specific circumstances.