Tax investigations are on the increase. HMRC has spent over £80m on a new supercomputer specifically to identify businesses and individuals who are identified as having potential tax discrepancies.
The sophisticated system trawls a wide variety of sources generating a digital footprint and building a profile of a taxpayer’s total income. HMRC scans government and commercial data from the likes of financial institutions, Land Registry, DVLA and employers. It uses this information to identify businesses and individuals whose profiles indicate potential inconsistencies and then targets them for investigation.
• £34 billion – the estimated gap between what HMRC should collect and what it does collect
• £26 billion – the additional amount of annual tax income that HMRC want to achieve
• £80 million – spent by HMRC to develop a supercomputer that monitors your digital footprint for potential underpaid taxes
Your chances of being investigated are increasing year on year. We can protect you from the costs of any professional fees that arise should you be subject to investigation. The service also ensures that you benefit from expert advice throughout the enquiry.