HMRC investigations recoup record amounts

HMRC recoups record £4bn in lost taxes Data from HMRC examined by tax insurance investigation firm PfP show investigations and compliance work by HMRC saved £4bn in taxes from being lost in the last quarter, nearly double the £2.2bn for the same period last year. PfP said the increase in the amount of taxes saved will be due in part to the winding down of the furlough scheme and HMRC having more personnel and time available. “It is no wonder that HMRC has stopped more tax from being lost now than at the same point last year. They will be under immense pressure to recoup revenue as the Government looks to offset the huge sums spent throughout the pandemic, as quick as possible,” Kevin Igoe, Managing Director at PfP said. “With the increased pressure on HMRC it is likely the number of tax investigations will rise. To prepare for a potential investigation businesses and individuals should ensure they have cover in place – to safeguard against the significant impact on finances an investigation may have,” he added.