Posts Tagged 'UHY Hacker Young'

HMRC Grabs More Tax From SMEs

You will recall that I recently warned that the blessed HMRC were going to start cracking down on SMEs. Well surprise, surprise extra tax from HMRC investigations into small and medium-sized businesses jumped by 39% in the past year.  That’s according to research undertaken by accountancy group UHY Hacker Young.  They found that tax yield following investigations into SMEs rose by £123m to £434m in 2011/12.

I think Roy Maugham of UHY is absolutely right when he says, “Small businesses are more likely to make innocent errors in their tax calculations than larger businesses, meaning the small business community offers plenty of opportunity for HMRC,”

Maugham is quite right. Also small businesses are easy pickings because we don’t have the resources to engage in long legal battles with HMRC and we are all too busy trying to keep our heads above water to waste time fighting battles we are always going to lose.

So what do you think?  Why not put your views in the comment box below or drop an email to martin.parry@mgba.co.uk.

Sc: UHY Hacker Young; MGBA; UKBA

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