HMRC is scrutinising 791 of the UK’s largest companies across key sectors. These include banking, telecoms, and retail, amid suspicions of substantial tax underpayments.
The banking sector faces particularly intense scrutiny, with suspicions of £7.9 billion underpaid. This development highlights the increasing focus on corporate tax compliance.
According to a study by Thomson Reuters, HMRC’s investigations span critical sectors such as banking, telecommunications, pharmaceuticals, retail, and oil and gas. This reflects HMRC’s increasing focus on ensuring tax compliance among major corporations.
The sector’s tax liabilities have risen sharply, with the total value of tax under investigation climbing from £6.1 billion in 2018/19 to £9.3 billion in 2023/24.
The scrutiny in these sectors underscores the widespread nature of the investigations, highlighting HMRC’s comprehensive approach.
This investment is crucial to remain compliant and strategic in today’s fast-evolving tax landscape.
The technology draws on vast databases of trusted Thomson Reuters content, allowing even junior professionals to perform high-quality research efficiently.
Businesses must adapt to the increasing expectations of tax authorities, which include thorough documentation and proactive measures.
Retail and oil and gas sectors face risks due to large-scale operations and significant revenues, presenting greater opportunities for discrepancies in tax payments.
The comprehensive nature of HMRC’s investigations into nearly 800 major UK firms underscores the critical importance of tax compliance for large corporations. It also highlights the sectors facing the most significant scrutiny and challenges.
Moving forward, businesses must prioritise investment in tax expertise and technology to navigate the complexities of modern tax compliance and mitigate risks of underpayments.
