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18 Jun 2018
Recent figures from HMRC have revealed that the UK ‘tax gap’ equated to 5.7% of total tax liabilities for the 2016/17 tax year.
The term refers to the difference between the amount of tax that is theoretically payable to HMRC, and the amount that is actually received.
According to HMRC’s latest ‘Measuring the Tax Gap’ report, the gap has fallen from 7.3% in 2005/6 to an estimated 5.7% in 2016/17, equating to £33bn in revenue.
The report revealed that income tax, national insurance and capital gains tax made up the largest proportion of the tax gap.
Meanwhile, taxpayer errors and failure to take reasonable care were responsible for £9.2bn of unpaid taxes.
We can help with all of your tax planning needs. Please contact us for advice and assistance.