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Thread: UK HM Revenue follows IRS lead ...

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    Banned Melonie's Avatar
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    Default UK HM Revenue follows IRS lead ...

    from today's UK Telegraph ...


    (snip)"Credit reference agencies will cross-check details of the income people declare on their tax returns against their spending patterns to identify “high” and “medium” risks of both illegal and legal tax avoidance.

    People identified to HM Revenue and Customs will then be subject to more detailed investigations. About two million people are expected to be scrutinised under the programme, which may lead to privacy concerns.

    HMRC will today unveil the “successful” results of a pilot programme involving about 20,000 people which will now be extended nationally.

    Many of those who are expected to be identified are likely to be self-employed workers who have under-declared their income to the authorities.

    However, those who have benefited from secret windfalls – such as an inheritance or a bonus – and people with secret offshore accounts could also be highlighted."(snip)

    (snip)"Treasury sources said that “hundreds of millions” are expected to be raised from the greater use of third-party data, such as that supplied by credit reference agencies.

    Ministers also wish to encourage more whistle-blowers to come forward with details of offshore bank accounts.

    Mr Osborne said: “While most taxpayers are doing their bit to help us balance the books, it is unacceptable for a minority to avoid paying their fair share.”

    Danny Alexander, the Liberal Democrat Chief Secretary to the Treasury, added: “It is simply not fair that at a time when most people are making a contribution to balancing the nation’s books, there is a small minority of taxpayers who try to escape their responsibility.” (snip)

    (snip)The credit-reference scheme is among a series of initiatives to be outlined today to reduce tax avoidance and evasion among wealthy Britons and multinational companies.

    Mr Osborne will also announce an agreement with Switzerland which will give the British authorities access to the details of the offshore savings of thousands of Britons.

    Information will also be routinely shared between the British and American authorities."(snip)


    I would interpret this to mean that US adult webcam hosts will now probably be preparing the equivalent of the 1099 automatic income reports for US citizen camgirls that they are already required to send to the US IRS, as automatic reports to the HMRC for payments made to UK citizen camgirls.

    And, obviously, there will now be 'closed loop' cross-checking of reported incomes versus actual spending via new UK automatic 3rd party financial reporting.


    not that I'd wish this on the citizens of any other country, but ... welcome to the 'new economy'.

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    Veteran Member brownsugardoll's Avatar
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    Default Re: UK HM Revenue follows IRS lead ...

    Ok, I'm a bit confuse. Does this mean if use the dailypay services (UK company) that don't send out 1099 the company will soon be require to send out 1099 to US cam models ?

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    Banned Melonie's Avatar
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    Default Re: UK HM Revenue follows IRS lead ...

    Nobody really knows WHAT actions HM Revenue and Customs will ultimately take in this regard. However, they did specifically say that they would look to share info with the US IRS.

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