{"id":1473,"date":"2016-08-30T09:49:54","date_gmt":"2016-08-30T09:49:54","guid":{"rendered":"http:\/\/www.bainesjewitt.co.uk\/blog\/?p=1473"},"modified":"2016-08-30T09:49:54","modified_gmt":"2016-08-30T09:49:54","slug":"proposed-crack-downs-on-britains-hidden-economy","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/proposed-crack-downs-on-britains-hidden-economy\/","title":{"rendered":"Proposed crack downs on Britain\u2019s \u2018hidden economy\u2019"},"content":{"rendered":"<p>New proposals to tackle the UK\u2019s so-called \u2018hidden economy\u2019 have been outlined by HM Revenue &amp; Customs (HMRC) in three consultation documents announced late last week.<!--more--><\/p>\n<p>The news comes after the tax authority said that the hidden economy (or \u2018black economy\u2019) is increasingly accounting for substantial economic losses.<\/p>\n<p>According to HMRC, the hidden economy accounted for approximately 18 per cent of the total \u2018tax gap\u2019 in the 2013\/14 financial year \u2013 when losses stood at \u00a36.2billion.<\/p>\n<p>New consultations intend to increase the tax authority\u2019s powers to obtain customer and transaction data from money service businesses (MSBs).<\/p>\n<p>They also seek to impose new requirements for customers to have their tax registration status verified before they can gain access to such services; and to explore the potential to impose new penalties on \u2018hidden economy participants\u2019.<\/p>\n<p>The three consultations are titled:<\/p>\n<ul>\n<li><em>Tackling the hidden economy: extension of data-gathering powers to money service businesses<\/em>\u00a0\u2014 which hopes to increase HMRC\u2019s data-gathering powers.<\/li>\n<li><em>Tackling the hidden economy: conditionality<\/em>\u00a0\u2014 which proposes that businesses should be registered for tax in order to access certain business services or licences.<\/li>\n<li><em>Tackling the hidden economy: sanctions<\/em>\u00a0\u2014 which explores the potential for penalties and sanctions to be issued in order to tackle \u2018hidden economy participants\u2019.<\/li>\n<\/ul>\n<p>The three documents, which will run until 21 October 2016, can be found here: <a href=\"https:\/\/www.gov.uk\/government\/collections\/proposals-to-tackle-the-hidden-economy\" target=\"_blank\">https:\/\/www.gov.uk\/government\/collections\/proposals-to-tackle-the-hidden-economy<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New proposals to tackle the UK\u2019s so-called \u2018hidden economy\u2019 have been outlined by HM Revenue &amp; Customs (HMRC) in three consultation documents announced late last week.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1473"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=1473"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1473\/revisions"}],"predecessor-version":[{"id":1474,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1473\/revisions\/1474"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=1473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=1473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=1473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}