With HMRC working hard to collect more revenue than ever before, investigations are happening more and more frequently. They have now collected so many facts and figures about taxpayers’ financial activity, that they currently hold more information than the British Library! With this knowledge, they can really target who to investigate.
Who are most at risk?
Large Business - Cross Enquiry
High Net Worth Individuals
Private Individuals
What we know
In the financial year to 31 March 2024, HMRC collected total tax revenues of £843 billion, the highest on record. This upward trajectory is underpinned by their recent investment on compliance: since 2021, HMRC have recruited over 4,000 new staff into tax compliance functions.