Scottish restaurateurs could find themselves facing a £71 million tax bill, due to a crackdown on false accounting by Her Majesty’s Revenue and Customs (HMRC).The new year will see the tax body coming down on restaurant owners who they believe have understated their takings to try to minimise their VAT bills. Restaurants that largely do business in cash, rather than through card payments, are thought to be the greatest offenders in this field. While Scottish restaurants have already been subjected to some scrutiny on the matter, HMRC is widening the scope of its efforts and is to examine the tax affairs of fast food restaurants in the new year. Hugh Love, head of indirect tax at PwC in Scotland, said that many restaurant owners could find themselves in significant difficulty. “At a time when costs are high and revenue is flat, the last thing honest beleaguered businesses need is a hefty, unexpected tax bill and maybe even a criminal prosecution,” he said. Love added that owners who have not been as prudent as they should have been, should take stock immediately, get their accounts in order, and liaise with HMRC to see about settling their tax bills.
http://www.50percenttax.co.uk/index/2012/1/5/hmrc-to-target-scottish-restaurateurs-for-unpaid-vat.html
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