The government has announced new plans to clamp down on tax avoidance and fraud.

HM Revenue and Customs (HMRC) has confirmed it is to put together a brand new cyber crime team that will work to identify offenders and bring them to justice.

Firms that wish to ensure their taxes are in order and paid on time and accurately could invest in accounting software to perform some of the most vital tasks.

One recent example of an organisation being ordered to pay tax it has previously tried to avoid is Barclays Bank, which was asked by the Treasury to cough up £500 million.

Technical experts with a vast knowledge of the system will be recruited by the government to act on behalf of the Exchequer.

Commenting on the reasons behind the move, Exchequer secretary David Gauke said: “As more and more of HMRC’s systems move online, cyber criminals will look to exploit any opportunity to attack the repayment system.”

Source:http://www.codestone.net/news/story/accounting-software-could-aid-tax-operations/801317680/

The use of the latest accounting software could be the best way to ensure accurate and fair financial results – and avoid becoming a victim of three new campaigns launched by HM Revenue and Customs (HMRC).

Small businesses and individuals who fail to submit tax returns or pay the wrong amount will be targeted by the body.

One campaign will be launched imminently with two more to follow later in the year and each will focus on different areas of possible tax avoidance.

Missing returns will be the primary objective of HMRC, before those in the home improvement and direct selling trades are put under the microscope.

Marian Wilson, of HMRC’s Risk and Intelligence, said the department is using new technology to close in on any bosses who may not be paying the right tax – something accounting software can help to avoid.

The Bristol Evening Post recently told how local firm Smith & Williamson had offered to lend its accounting expertise to the Bristol City Community Trust in order to ensure its finances add up in the future.

Source:http://www.codestone.net/news/story/accounting-software-could-help-to-keep-hmrc-at-bay/801288618/