Small Business News | Tougher Stance on Tax Evasion?

The Coalition Government may prompt a tougher HM Revenue & Customs (HMRC) investigation and put more pressure on SMEs to secure every penny in order to restore public finances. UHY Hacker Young, the national accountancy group, commented that this might not be as effective as the figures suggest; tax investigations into multinationals are 18 times more lucrative than those into SMEs. For every £1 HMRC spent on investigations into multinationals during 2008/09, they received £181 of tax. In contrast, tax investigations into SMEs and private individuals only generated £10 of extra tax for every £1 invested. For more information, please read the full story on SME Web.