Tax gap - HMRC has issued its estimate of the tax gap
Date: 13th November, 2012 | Author: Cathy Corns | Comments: 0
HMRC has issued its estimate of the tax gap – the difference between its estimate of what tax is due and what is actually collected. For 2010/11 it estimates the gap at £32 billion which is broken down over taxes and behaviour. HMRC believes that personal taxes and VAT account for almost £24 billion of the shortfall.
The behavioural breakdown is interesting though – HMRC’s estimates are:
|- Criminal attacks||5|
|- Hidden economy||5|
|- Legal interpretation||4|
|- Errors and mistakes||
Looking at the numbers and the press coverage, one would have expected the avoidance estimate to be higher. Maybe next year...
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
You are welcome twitter.com/sglenholme/sta…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole