More homeowners to face scrutiny from elite tax unit
An elite tax unit focusing on the ‘super-wealthy’ is to lower its threshold to target homeowners with property worth more than £1 million.
HM Revenue and Customs’ (HMRC) ‘affluence unit’, consisting of 200 tax investigators and technical specialists, had previously been tasked with looking into the tax affairs of those with assets of between £2.5 million and £20 million.
However, as the Government continues to toughen up on illegal tax evasion, as well as aggressive tax avoidance schemes, HMRC has now lowered the wealth threshold, meaning that those with an estimated wealth of £1 million, including assets such as property, will now face scrutiny.
The new threshold means that HMRC will scrutinise more people’s tax affairs than before, making it all the more important to ensure that yours are seen to be in order.
Although HMRC has said it is only targeting those it believes are not playing by the rules, taking action now to ensure your own affairs are in order can help prevent any problems at a later stage, should the taxman come calling.
Lamont Pridmore has a fully trained Inspector of Taxes heading up its Tax Planning and Tax Saving Division and has a Tax Investigation Fee Protection Service which means that clients do not need to pay accountancy fees to protect themselves in defending HMRC tax enquiries. This means that we can spend much more time defending clients and reducing any tax that may become payable.
For further information on how Lamont Pridmore can help you legitimately reduce your tax liability, please contact us.