TAXtalk December 2017 looks at HMRC's plans to close the tax gap and at cyber security

The final TAXtalk of 2017 is now available to view again. Anita Monteith was joined by Jane Moore, editor of TAXline, and Mark Taylor, Technical Manager in the IT Faculty and cyber security specialist. The inventiveness of IT criminals never ceases to surprise us as they become increasingly entrepreneurial.

After a brief description of the new Budget and Finance Bill timetable, discussion moved on to some new measures HMRC has been taking to close the tax gap. These include the current campaigns targeting landlords and second incomes of employed people, as well as the ongoing matter of offshore income. A recent nudge letter suggesting problems with inadequate iXBRL tagging was also of some concern.

We also discussed the new consultation targeting the hidden economy which contains proposals to link applications for licences (taxis, landlords, market stall traders etc) to evidence of tax compliance.

Mark Taylor then talked about business resilience to cyber crime and also the new GDPR regulations coming into effect in May 2018. He explained some steps tax practitioners and businesses should be taking to protect themselves and that new engagement letters dealing with this will be published early next year.

Watch this TAXtalk to pick up some useful tips.

If you have criminal activity to report, go online to Actionfraud.police.uk or call 03001232040.

Anonymous