TaxAssist Accountants warns HMRC is turning to AI

TaxAssist Accountants franchise
TaxAssist Accountants The Accountancy and Tax Service for Small Business

TaxAssist Accountants is the largest network of accountants in the UK dedicated to serving the financial issues of small businesses and self-employed individuals.

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02/08/2018 08:00 | Finance

TaxAssist Accountants has been making its customers aware that HMRC is using more sophisticated tactics to find tax cheats.

The accountancy and tax specialist franchise, which helps small businesses and self-employed individuals stay on top of their taxes and money matters, highlighted how HMRC is turning to sophisticated artificial intelligence (AI) to catch those who are being dishonest about their income. It shared how there has been a steep decline in the number of raids on commercial properties, falling by over 200 in just one year, thanks to increasing use of computer technology.

Since the introduction of software Connect eight years ago, which scans data from social media, credit card statements and the Land Registry to find inconsistencies, TaxAssist says that HMRC has been able to crack down on tax evasion. Its been confirmed by HMRCs Acting Digital Transformation Director, Brigid McBride, that the organisation has also begun to introduce AI into the department for more complex cases. She said:

[HMRC now uses] a virtual assistant called Rita a very simple robotics technology. The pace of change is not slowing, the demands of our customers are growing, and our customers are moving towards self-employment. The real challenge is building an organisation that can absorb that change and adapt to it.

The new technology will make tax enquiries easier to conduct and TaxAssist warns that HMRC no longer needs a reason to open one into your business or personal tax affairs. However, thanks to its affordable services and more than 200 local franchises across the country, its easy to have a chat about any tax worries with a friendly advisor. And, if you find yourself being investigated, TaxAssist Accountants can help, from arranging fee insurance to cover costs of building a defence to simply offering advice about the process.

Since it was established in 1995, accounting franchise TaxAssist Accountants has won numerous awards and is consistently named as one of the top accountancy firms in the country. With franchises in Australia, New Zealand, Canada and Ireland, its expanded rapidly to offer a friendly, affordable service to individuals across the globe.

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