HMRC is widening its surveillance operation once more as it continues its war on the “hidden economy.”
This latest move by the Revenue will see the taxman granted additional powers to gather information from business intermediaries and electronic payment providers. It hopes that the initiative will stop organisations and individuals evading tax by failing to register a source of income.
HMRC estimates that this “hidden economy” deprived the Treasury of £5.9 billion in 2012-13. This equates to 17% of the total tax gap. … Continue reading