Posted: 3rd October 2024

Estate agencies targeted by HMRC for tax crackdown

Real estate agencies are at risk of being targeted in a new HM Revenue and Customs (HMRC) initiative aimed at combating tax evasion, as announced by Chancellor Jeremy Hunt in last week’s Budget presentation.

According to reports from The Times, the Chancellor revealed that private debt collection firms would be enlisted to pinpoint businesses that have neglected to fulfil their tax obligations.

To support this effort, he allocated an additional £35 million annually to HMRC, stating that hundreds of officers would be deployed to help generate £4.5 billion in revenue over the next five years.

Additionally, a crackdown on tax evasion related to cryptocurrencies was unveiled, with expectations of generating £205 million in revenue over the next five years.

HMRC is currently owed a staggering £43.9 billion, a significant increase from the £20 billion owed before the Covid pandemic.

In October, HMRC issued a warning to landlords regarding a new type of tax evasion scheme that is being promoted, which is deemed illegal and could lead to increased tax liabilities.

These schemes, often referred to as "hybrid business models," are marketed as methods to circumvent capital gains and inheritance taxes.

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