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UK tax gap falls to just 6.5%

New statistics show that the UK tax gap is at its lowest point ever.

For the 2014/15 year, the tax gap fell to just 6.5%. This is the lowest level since records began, and means the UK now has one of the world’s lowest tax gaps.

This has been achieved by continuous improvements in the way tax is collected and how avoidance is tackled. Today, UK taxpayers are amongst the most compliant, meaning there is more money available for the public purse. It also helps to create a fairer tax system that keeps all businesses competing on a level playing field.

Jon Thompson, who is HMRC’s Chief Executive, said:

“These figures show we have successfully maintained a downward pressure on the tax gap in 2014-15, while collecting record revenues of £518 billion”

Since 2010, the government has invested an additional £1.8bn to tackle tax evasion. A further £1.3bn has been spent on updating HMRC’s facilities and providing them with the necessary tools to exercise new data collection powers.

Accountants in Chester and every other part of the UK have been encouraging their clients to put their books in order and make sure they track every transaction. They know that the tax office has greatly improved its efficiency and is able to detect omissions, deliberate or otherwise, that only a few years ago would likely have been missed. As a result, of these drastic changes, since 2010, £130bn has been collected by HMRC’s compliance department.

Posted by Mark
October 30, 2017

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