Horsebox owners are set to be the subject of an HM Revenue & Customs (HMRC) investigation as part of its clampdown on tax evasion, say independent chartered accountants WBV Ltd.
The warning from WBV, which has offices in Neath and Swansea, comes as the January 31 deadline for self-assessment tax returns fast approaches.
HMRC apparently suspects that some farmers and rural business owners are buying horseboxes through their company and either falsely claiming the cost as a business expense for tax purposes, or failing to declare personal use of the horsebox and paying tax on it as a ‘benefit in kind’.
Using its Connect computer system HMRC officials can now identify discrepancies between an individual or company’s official tax records and information from third party sources.
Says Stuart Harries who leads WBV’s rural team, “Underpaid tax relating to horseboxes may seem to be a mere drop in the ocean but HMRC is focussing its attention on these high value assets.
“It shows how determined HMRC is to capture every mistake made in tax returns. Without the correct documentation, even owners of horseboxes who have done nothing wrong could find themselves on the receiving end of a lengthy and uncomfortable tax investigation. As 31 January approaches, the deadline self-assessment tax returns, it is important to get your tax affairs in order.”
NOTES TO EDITORS
For further information about the disclosure scheme please contact:
Stuart Harries
WBV Limited
Tel: 01639 635555
Email: stuartharries@wbv.ltd.uk
The Third Floor
Langdon House
Langdon Road
SA1 Swansea Waterfront
Swansea
SA1 8QY
Tel:01792 652108
Woodfield House
Castle Walk
Neath
SA11 3LN
Tel: 01639 635555
WBV Ltd is a member of the prestigious UK200 Group of independent practicing chartered accountants with offices throughout the UK and associates overseas.
