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Expert warns local businesses about new HMRC taskforce

An accountant based in Halton has recently issued warnings to local businesses from Runcorn to Widnes that Her Majesty’s Revenue and Customs has launched an initiative to recover funds from unpaid taxes in their area.

Six new taskforces have been launched by HMRC in order to take back the estimated £23 million in taxes unpaid by businesses, and Nigel Holland, accountant with Widnes-based Holland & Co Chartered Accountants, says that all too many firms within the area may not be prepared for the onslaught. These new taskforces are specifically targeting ‘high risk’ business sectors across the UK, and will be undertaking exhaustive investigations by examining business records and taking spot checks, with the lion’s share of the scrutiny to be placed on restaurants, property landlords, taxi firms, and market traders, added Mr Holland, who remarked that it was crucial that companies in the Runcorn and Widnes area keep accurate financial records which show clear generated income.

Such records are the foundation of the information that HMRC uses in order to determine if you’ve been paying the proper level of tax, the accountant said, adding that the determination to crack down on those who have been breaking the rules is quite strong. Not preparing for the eventuality that you may soon be having a visit from the taxman could prove disastrous if you’re caught out; get all your ducks in a row now before you get that knock on your front door – as by then it will be much too late to ensure your tax documents are all in order, won’t it?

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