HMRC’s High Net Worth Unit (HNWU), which deals with the tax affairs of 5,800 people with assets in excess of £20 million, increased its yield from tax enquiries by 10% in the 2012/13 tax year, having collected £200 million in 2011/12.
It was announced that the unit has raised a total of £665 million in additional tax over the last four years specifically as a result of enquiry work.
The unit employs 380 staff across the UK with caseworkers engaged to rigorously examine tax returns for potentially inaccuracies. More details about HMRC’s compliance work are contained in their latest progress report on the HMRC website.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.
MINIMUM REQUIREMENTS TO REGISTER
The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.