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HMRC campaign nets record £24bn

A campaign by HM Revenue and Customs (HMRC) to combat tax evasion and avoidance has resulted in an extra £23.9bn being collected.

The figure is the highest for HMRC since records were kept, which it has put down to its investigations. The body is now close to being £1bn over George Osborne’s target, which he set in December’s Autumn Statement.

Of all the money it has managed to raise, over £8bn was generated from large companies, £2.7bn from tacking tax avoidance schemes and £1bn from criminals.

The present tax gap, which is the variance between an estimate of tax that is due and any monies that have been collected, currently lies at 7%. Altogether, HMRC said that it estimates it will have collected £100bn from May 2010 to March 2015, thanks to its crackdown on unpaid tax.

David Gauke MP, exchequer secretary to the Treasury, said:

“HMRC will pursue those seeking to avoid their responsibilities and will collect the taxes that are due. The government is determined to tackle the minority that seek to avoid paying the taxes they owe.”

This may be good news for HMRC, but it also serves as a warning to any business that is not taking their accounts as seriously as they should be. Whether an accident or not, a large firm could be forced to pay, literally, a high price for any discrepancies. That is why it is important to hire an accountant on the Wirral or elsewhere, to ensure that everything is in order.

Posted by Louise
June 12, 2014

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