A prominent chartered tax adviser is urging businesses to ensure their affairs are in order as Her Majesty’s Revenue & Customs (HMRC) is being tasked by the Government to get in as much money as quickly as possible.

Steve Collins, tax partner with Francis Clark said: “Our sources indicate that the Government’s attempts to reduce the deficit are not confined to swingeing spending cuts but include making sure all outstanding tax revenue are collected and long running full enquiry cases are settled.

“This ‘Dash for Cash’ may have broad repercussions for businesses.  Firstly, HMRC may revert to ‘single case’ working which will speed up their tax investigation processes  putting increased pressure on businesses and will ultimately optimise the tax yield in the current fiscal year.

“Secondly, the ‘Dash for Cash’ may see HMRC cast their net wider generating a dramatic rise in the number of tax investigations and lastly this renewed urgency to increase tax revenue could well spell the end of HMRC’s Business Payment Support Scheme which up to now has provided substantial ‘time-to-pay breathing space for viable businesses in spreading their tax liabilities at a time of great economic difficulty.

“At times like these, insurance policies that the pay legal costs of tax investigations look very good value for money.”

For further information:

Contact Steve Collins, Head of Tax at Francis Clark’s South Devon office. Telephone: 01803 320100

Francis Clark has offices in Exeter, Plymouth, Salisbury, Taunton, Tavistock, Torquay and Truro. Francis Clark is the winner of the ‘Auditor of the Year - Mid Tier’ in the National Financial Directors’ Excellence Awards 2011, and LexisNexis Best General Tax Practice Award 2009. More information is available by logging on at our Online Information Centre