These days, there is plenty of help available to those who need tax advice. Whether they are after assistance when it comes to completing a tax return or require guidance concerning any other such issue, there are experts on hand.
However, despite this fact, some people still do not pay all the money they owe to HM Revenue & Customs (HMRC). To help combat non-payments, the organisation set up a special bounty payments system under which those who report tax cheats are able to receive financial rewards for their efforts.
Recently, it emerged that through the scheme, the UK government has paid out more than £1 million in rewards since the start of the financial crisis. Last year alone, HMRC handed nearly £400,000 to informants.
Meanwhile, one of the biggest single payments is believed to have occurred in 2008, when a former Liechtenstein banker reportedly received £100,000 for a list of secret offshore accounts held by Britons.
However, more typical informants include former spouses, employees, ex-business partners and neighbours.
An HMRC spokesman suggested that money should not be the primary motivation for providing information about non-payments. He remarked: “We would expect individuals to think first about the wrongdoing rather than about how much they might make.”
Meanwhile, he added that the issue of tax non or underpayment has become a big issue. He said: “Tax non-compliance has a much higher profile in the public mind.”
Commenting on the sums of money handed out to informants, the representative pointed out that they are in line with the scale of the tax avoidance exposed. He stated: “If we are recovering many millions of pounds, the payment reflects that.”
It can be hard for people to know how much tax they owe and so it is not surprising that many people take advantage of tax advice services. Whether they require assistance with their tax return or anything else, a considerable number of individuals now head online.
For more information please visit – www.u-tax.co.uk/uniform-tax-rebate.aspx