The definition of ‘affluent’ is about to change, and our Manchester accountants are ready to help those concerned about coming under new scrutiny from HMRC.
Until now, the UK’s tax department has classed ‘affluent’ as meaning those with annual incomes of £150,000 or more, and personal wealth of £2.5-20 million.
But that is set to change, as anyone worth £1 million or more, and earning £150,000 per year, will fall under the remit of the HMRC Affluent Compliance Team.
To prepare for this broadened remit, HMRC are recruiting 100 new inspectors in job advertisements running throughout January.
David Gauke, Exchequer secretary, says: “HMRC set up the new Affluent Teams from some of the £917 million we made available in 2010.
“The team has made a great start by bringing in £75 million in additional tax that would otherwise have been lost to the country.”
For those beyond the relevant thresholds, the development renews the need to ensure your tax affairs are in accordance with the appropriate laws and regulations.
If you are concerned that you may be affected, speak to our Manchester accountants and we can help you make sure that any tax-saving measures you are currently taking are unlikely to attract the attention of HMRC’s inspectors.
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