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Business owners have warned there is a risk HMRC's 'Strengthened Reward Scheme' could backfire on the Revenue and cost more than it will ever collect.

Announced in Chancellor Rachel Reeves' Autumn Budget, HMRC has the power to pay informants between 15%-30% of the additional tax collected above the minimum threshold of £1.5m (excluding penalties and interest).

The purpose of the scheme is to see HMRC flooded with credible intelligence that has the potential to deliver significant tax recovery from offshore or avoidance schemes, large companies and wealthy individuals.

READ MORE: Martin Lewis says LISA holders are 'very worried' about Rachel Reeves consultation

Business owners are also concerned that people or businesses being targeted unnecessarily by speculative claims ba

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