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Issue:
4940
/
Categories:
Comment & Analysis
, HMRC investigations
, nudge letters
, Risk management
, Compliance
Risky business
Key points
- Risk-based profiling has become a key strategy to support HMRC’s operations to target tax investigation cases.
- Risk-based profiling has inputs from financial institutions governmental agencies international entities and even social media platforms.
- Connect is HMRC’s sophisticated risk assessment tool.
- One of the key applications of risk-based profiling is nudge letters.
The spotlight has been shining on HMRC’s need to recoup tax monies it is owed especially in the light of a growing UK budget deficit and an ever-more challenging corporate environment.
In this evolving landscape risk-based profiling has become a key strategy to support HMRC’s operations and one that is allowing the department to harnesses the power of large databases from diverse sources to target tax investigation cases in a manner more likely to yield results.
Just a couple of decades ago the concept of risk-based profiling was in...
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