Tax crackdown focus shifts to UK firms
Research by Pinsent Masons suggests HMRC is increasingly switching the spotlight of its investigations away from suspected underpaid tax by foreign companies on to UK concerns instead. Data from the Revenue shows it is targeting foreign businesses for just 34% of all suspected underpaid tax - compared with 39% five years ago. By contrast, UK companies are now targeted for 66% of all suspected underpaid tax, up from 61% in 2012. The report also reveals that over the past five years the amount of tax HMRC suspects UK businesses of underpaying has risen 36% to £16.4bn, compared with £12.1bn in 2012. HMRC suspects foreign businesses of £8.4bn in tax underpayments, up just 9% from £7.7bn five years ago.
Source: The Scotsman (29/05/2018)