Jewellery trade tax dodgers targeted in Northamptonshire

David Pedley, of Grant Thornton, Kettering
David Pedley, of Grant Thornton, Kettering

A taskforce to tackle tax dodgers in Northamptonshire operating in the jewellery trade has been launched by HM Revenue and Customs.

The special taskforce, which is part of a £917 million Government push to raise an additional £7 billion per year in unpaid taxes by 2014 and 2015, is expected to recover around £2.5 million.

HMRC taskforces are specialist teams made up of compliance and enforcement experts who focus on specific high risk trade sectors and locations in the UK.

The teams may visit traders to carry out a full review of their tax records and other investigations.

David Pedley, tax expert at finance firm Grant Thornton’s Kettering office, said: “HMRC has access to a full range of civil and criminal sanctions to use against those found to be evading tax.

“To deter others from tax evasion, taskforces will also publish the names of tax evaders.

“If a business is investigated by one of HMRC’s taskforces it can be stressful, time consuming and will involve extensive searches through business and tax records.

“Traders who have not registered with HMRC, or who have concerns that they may have understated the profits they have declared, should seek professional advice and consider making a disclosure to HMRC as soon as possible to reduce the chance of a potential prosecution and to mitigate the penalty which may be due.”

The jewellery trade taskforce is one of a number of HMRC specialist teams targeting specific trading sectors identified as high risk for tax evasion in selected areas of the country.

HMRC launched 12 taskforces in 2011/12 with 30 more due to be launched by the end of this year.