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Great Annual Savings Group

Contact: Grahame James
Address: 25 Carpenters, Billingshurst, West Sussex, RH14 9RA
T: 07702 867 718
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We are business cost management experts helping businesses like yours monitor and evaluate every aspect of your running costs; from energy usage to waste…

Listed in: Cost Management Consultants

HMRC is increasing its focus on the tax affairs of SMEs as it looks to raise revenue. Expert tax advice can help you avoid this pressure.

The tax planning of mega corporations (Amazon, Google, etc.) and the rich and famous (Gary Barlow, One Direction, Premier League footballers, etc.) is rarely off the front pages for very long, but a look behind these big headlines reveals news that SME tax planning is expected to be a major focus for HMRC in 2015.

The HMRC crackdown on aggressive tax avoidance has long been in full swing – the focus on inheritance tax avoiders is just one recent example – and looking to the months ahead, it seems the department’s attention will increasingly fall on small businesses.

The move has been triggered by a 50% increase (to £34 billion) in the so-called “tax gap” – the difference between what is considered due and what is actually collected, and HMRC believes a significant portion of this shortfall is attributable to the SME sector.

As a result, it is increasing the number of tax inspections and record searches, as well as its investigations into self-employed people, all of which is being carried out with a greater focus on IT. HMRC is making use of its ability to access public sector records and greater cooperation with banks and building societies.

The timing of the news – shortly before the January self-assessment deadline – surely isn’t a coincidence, but responsible tax planning can help protect you and your business and keep you off the HMRC radar. Independent tax advice can legitimately achieve tax efficiency for your business and help mitigate your tax burden.

To find out more about Independent Financial Solutions’ services, contact Matthew Sedgley on 02392 271251 or