Having legal forms for your business in order will be more essential than ever from next month as heftier fines will be levied on firms found to be evading tax.

HM Revenue and Customs (HMRC) revealed that as of April 6th, new penalties up to 200 per cent higher than those at present will be imposed on anyone found to be dodging tax.

Offshore non-compliance for income tax and capital gains tax will be assessed in relation to the country where the money is stored.

Dave Hartnett, permanent secretary for tax at HMRC, commented: “We have made significant progress tackling international tax evasion and closing in on tax havens in recent years.

“This is the next step in increasing the deterrent against offshore non-compliance.”

Also from next month, there will be a number of changes in the way corporation tax is both filed and paid for.


Published on: March 29, 2011