by Simon Watkins | Feb 12, 2025
Tax evasion cost UK taxpayers £5.5bn in 2022-23, with 81% from small businesses – up from 66% in 2019-20 Prosecutions for tax evasion down 54% since 2018-19 Phoenixism cost the exchequer at least £500 million in 2022-23 HMRC lacks a specific strategy for...
by Simon Watkins | Feb 10, 2025
A National Audit Office report released today focuses on the administrative cost of the tax system. The report finds that HMRC’s costs of administering the tax system increased by 15% (£563 million) between 2019-20 and 2023-24. The report focuses on several...
by Claire Aston | Feb 5, 2025
Over 1.1m of UK taxpayers miss the deadline for submitting their self-assessment return deadline for 2023/24 of 31 January 2025 Automatic £100 late filing penalty automatically due, rising to £300 if the return remains outstanding by end of April Penalty is charged...
by Claire Aston | Jan 7, 2025
Error and fraud within R&D tax relief reached £1.1bn in 2020-21 (24% of all claims) before HMRC took action to stem the losses and tighten up the claims processes. New disclosure facility launched for businesses who overclaimed R&D relief wanting to set their...
by Claire Aston | Dec 17, 2024
Sir Jim Harra, outgoing CEO of HMRC, got a tense grilling by the Public Accounts Committee (PAC) yesterday when he admitted that HMRC don’t have a specific strategy or target for tax evasion within the overall tax gap, as found by the National Audit Office which we...
by Claire Aston | Nov 6, 2024
Significant increase in interest charged on late paid tax of 1.5 percentage points, reaching 8.75% from April 2025 expected to exacerbate debt problems for those already struggling to pay £1.1bn of additional revenue expected over 5 years, nearly half from income tax...
