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 HMRC investigating one in ten small firms

HMRC is currently investigating one in ten small businesses in an attempt to get back the £34bn tax it failed to collect in 2015- 2016. The Revenue told the Treasury Select Committee that small businesses are responsible for 46% of this tax gap. However, MPs accused HMRC of making it harder for businesses to file correct returns by shutting down local tax offices. Mike Cherry, the National Chairman of the Federation of Small Businesses, said: “While small businesses have a duty to comply fully with their tax obligations, HMRC also has a duty to make that process as clear and straightforward as possible.”

Source:   The Daily Telegraph (18/04/2018)

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