Published: 20/01/2025 By Hannah Duncan
HMRC’s efforts to close the tax gap have intensified, resulting in a 28% rise in tax investigations in 2024. A record £45.7 billion was recovered over the year, £10 billion more than in 2023.With an additional £1.4 billion in funding and 5,000 new compliance officers joining over the next five years, HMRC’s scrutiny of businesses and individuals is at an all-time high.
VAT is a particular focus, with £10.1 billion in underpaid VAT identified by March 2024 – a sharp increase from £8.1 billion the year before.
Large businesses are under close examination, with 74% of the unpaid VAT linked to disputes over legal interpretations and pushing system boundaries.
HMRC is bolstering its resources, although new compliance officers can take up to 18 months to be fully trained, this may mean future inquiries become increasingly thorough. Businesses of all sizes are facing heightened risk as HMRC works to recover billions in unpaid taxes.
An HMRC investigation can be time-consuming, stressful, and costly without the right support. That’s why we offer our fee protection service – giving you access to expert advice and representation, with all associated costs covered. Whether you’re a sole trader, partnership, or larger business, this service ensures you’re protected against unexpected fees if HMRC investigates your tax affairs.
With tax investigations on the rise, now is the time to safeguard your business. Contact us today to learn more about our fee protection service and how it can offer you peace of mind.
Call us on 020 8661 7878 or email bsg@turpinba.co.uk