Why cash-in-hand could cost us all in the long run
HM Revenue & Customs have announced that more than £2 billion is lost every year as a result of tax evasion – and accepted that they have little chance of catching the fraudsters.
Up to two million people are believed to be involved, of whom only a very small minority are ever caught and punished.
The Revenue’s new penalty regime includes provisions to increase the amounts payable by people who deliberately evade tax – and most people would not object to this. It is a shame, though, that in order to punish the more serious cases more severely, other (innocent) mistakes will also be hit.
Date: 31st December, 2008
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