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UK tax gap falls to 6.4%

The government has announced that the tax gap for 2013/14 was 6.4% of tax due.

The tax gap, which is the difference between the amount of tax due and the amount collected, has fallen from 8.4% in 2005/06. The government estimates that this reduction in the percentage tax gap since 2005/06 represents an additional £57 billion in cumulative tax collected over the eight-year period.

According to HMRC the largest reduction is in the corporation tax gap which has halved since 2005/06, from 14% to 7% of tax liabilities. The downward trend applies to all sizes of businesses, with the overall reduction driven mainly by large businesses.

David Gauke, Financial Secretary to the Treasury, said:

'The UK has one of the lowest tax gaps in the world, and this Government is determined to continue fighting evasion and avoidance wherever it occurs.

If the tax gap percentage had stayed at its 2009/10 value of 7.3%, £14.5 billion less tax would have been collected.

There is understandable anger when individuals or companies are perceived not to be contributing their fair share, but we can reassure the public that the proportion going unpaid is low and this Government is dedicated to bringing it down further.'

Internet link: HMRC press release

04 Oct 2018

UK Budget date announced

The Chancellor of the Exchequer, Philip Hammond, has announced that the Budget will take place on Monday 29 October.

04 Oct 2018

Self-employed Class 2 National Insurance will not be scrapped

The government has decided not to proceed with plans to abolish Class 2 National Insurance Contributions (NICs) from April 2019.

04 Oct 2018

'No deal' Brexit guidance and small business survey

The government has issued further notices with the aim of helping both businesses and individuals to prepare in the event of a UK-EU agreement not being realised.