BPRA subject of tax avoidance investigation

You never know when keeping an eye on your banking might alert you to a problem.

11:44 22 July 2013

The crackdown on tax avoidance issues continues with the Business Premises Renovation Allowance (BPRA) as the target of the scrutiny, according to reports. Her Majesty’s Revenue and Customs says that anyone using the scheme will be investigated.

Preliminary information suggests that BPRA may be using the relief to their own advantage. Multiple reports have come in regarding the BPRA and the review will hopefully enhance future legislation.

There can be a lot going on in our banking accounts, but there are times that charges or figures don’t seem to add up. Rather than ignore those situations, it’s important to report them right away.

Here are a few steps to follow if you’re ever unsure about your banking records.

• Contact—if you notice something unusual on a statement, you can review the information on your statement for any explanations. If there aren’t any, or if there is an explanation but it is insufficient, simply contacting the banking entity could clear up any questions you have.

 

• Double check—if you don’t receive an answer, or you aren’t comfortable with the answer you receive, be sure to double check your banking information again in the chance that something might have slipped by. It’s easy to overlook a key figure when dealing with many transactions.

 

• Official report—if things still don’t add up properly after you’ve double checked your banking records and contacted the institution, you might be looking at filing an official dispute or some other report to the proper authorities over the banking entity.

 

• Review records—keep track of all your records and save multiple formats as well.  You might have paper copies of your banking records, but it might be wise to also scan it into a digital format that can be saved in a file on your computer, and then copied onto a disc or USB drive.