Submitted by Sestini & Co
| on Mon, 10/02/2023 - 11:00 | In HMRC
HMRC’s annual report 2022-23, published in July 2023, includes as one of its strategic objectives “Make it easy to get tax right and hard to bend or break the rules”.
The latest UK tax gap published shows it is 4.8% (reduced substantially from 7.5% in 2005-06).
The tax gap from small businesses accounts for the largest proportion by customer group, at £20.2 billion or 56% in 2021 to 2022.
And the report notes that “We’re also seeing more small business customers getting into tax debt, and the average value of customers’ debts increasing”.
Get in touch with the Sestini & Co UK tax team to help you get your tax affairs in order and reach a place where you can be sure of more proactive and planned tax payments.
Additional compliance checks and measures
Of the £814bn collected by HMRC in 2022-23, £34bn (or just over 4% of the total) was raised through “tackling avoidance, evasion and other non-compliance”.
Read our full blog, published on Agility Newsroom.