The Chancellor Rishi Sunak, has announced a funding and resource boost for HMRC to help tackle tax non-compliance. This will enable HMRC staff to provide greater support to taxpayers seeking to pay off accrued tax debts and to tackle the most complex tax risks, ensuring large and mid-sized businesses pay the tax they owe.
The government will invest £161 million over the next five years to increase compliance and debt management capacity in HMRC. The move is forecast to bring in more than £3 billion of additional tax revenue for the treasury.
The investment also coincides with the end of IR35 reform “soft landing”, which is due to end next week. The end of “soft landing” enables HMRC to issue penalties, in addition to tax bills, to private sector businesses for non-compliance.
For more information about what this could mean for your business, please contact firstname.lastname@example.org where we will be happy to assist.