Help with Tax investigations – Corona Virus Winners and losers

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Corona Virus Winners and losers

The lockdown has made winners of many traders especially in the food industry. HMRC facing the task of having to swell the coffers of the treasury will do so soon with relish and full back up of our chancellor!

Food delivery vans have largely been the main traffic seen early in lockdown and those traders (other than the major supermarkets), have been working round the clock to deliver to us eg. Ice cream vans,  fresh fish delivered to villages and doors across the country, likewise butchers, fruit and veg and grocery stores delivering to many for the first time, to those needing to  avoid queues. Farms selling a variety of produce and cheeses at the door. All have been a boon to us all and mainstay or the virus crisis in supplying us with necessities or a bit of luxury or normality.

HMRC will expect to see increased gross profit rates ( as reduced food prices have not been the norm) and turnovers in these times so ‘Van drivers’, local stores and ice cream vans must ensure records are robust especially if it is largely cash trade or face the consequences!

Online sellers too are likely to be targeted in future as many have seen huge hikes in sales

So takings may be scrutinised to see that they all went through the business bank accounts as Rishi tries to bring in the money he needs to over the cost of the Coronavirus.

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