HM Revenue and Customs were today crowing about the high and increasing yield it is getting from its specialist High Net Worth Unit, which was set up in 2009 to deal with the tax affairs of the 6,200 wealthiest UK individuals:
Since its inception the HNWU has netted the exchequer £1 billion in compliance yield (that is tax, interest and penalties).
The compliance figures were revealed by the Financial Secretary to the Treasury, who warned: “HMRC vigorously polices the rules ensuring it collects the tax that is due, and takes tough action against the minority who seek to avoid their responsibilities.”
The year-on-year increase in yield by the High Net Worth Unit is: 2009/10: £85 million; 2010/11: £162 million; 2011/12: £200 million; 2012/13: £222 million; 2013/14: £268 million.
What does this mean for me?
If your affairs are dealt with by the HNWU, and you get a tax enquiry from HMRC, then you know that you are being dealt with by specialist investigators who are targeted with bringing in large sums of extra money from you.
How can Lynam Tax Enquiry Experts help me?
The High Net Worth Unit is staffed by specialists. You need specialist help on your side too. Indeed many accountants prefer to outsource the tax enquiry work to specialists such as us. Lynam Tax Enquiry Experts have over 70 years full-time experience of handling HMRC tax enquiries. We have huge experience of dealing with high net-worth individuals’ tax issues; and can be relied upon for integrity and discretion.
If you or your clients are facing a compliance check from the HMRC HNWU please call today – for a free and wholly confidential, no obligation discussion.
Paul Lynam: 0845 643 9997
or Andrew Nutbrown: 0771 877 8710