Security Industry Next on HMRC Target List

Security guards, bouncers and their employers are being targeted as part of the next wave of taskforces launched by HMRC. The HMRC taskforce will focus on workers in London and the South East, to recover £10m after seeing an increased risk of fraudulent VAT repayment claims being submitted by the private security industry. Other taskforces being launched will target the construction industry in London, hidden wealth in the Midlands – including people with offshore accounts and those living lifestyles beyond their obvious means through assets from undeclared income - and the hidden economy in the second-hand motor trade in the Midlands. HMRC expects to recover £3m or more in each of these targeted areas. HMRC’s Jennie Granger, director general of enforcement and compliance, said: ‘HMRC taskforces are deployed in sectors and areas where we’ve detected a high risk of tax evasion. If you have declared all your income, you have nothing to worry about. But, if you haven’t, we will find you, investigate you and not only could you face a heavy fine, but a criminal prosecution as well.’ A Memorandum of Understanding with the Security Industry Authority was signed with HMRC on 9 September to strengthen the exchange of information between both organisations. This will help prevent, detect and prosecute criminal activity and ensure that everyone pays their fair share of tax.