The UK VAT Gap grew to £13.3bn in 2017/18, up from £12bn in 2016/17, the latest figures from HMRC show.
The UK VAT Gap grew to £13.3bn in 2017/18 up from £12bn in 2016/17 the latest figures from HMRC show.
Richard Asquith VP global indirect tax at technology company Avalara commented: ‘HMRC has attributed £3.5bn of the VAT gap to what it calls “avoidable taxpayer mistakes” in their VAT returns’. Making tax digital ‘should shave off over £0.5bn of the gap by eliminating first some basic manual errors’ Asquith said.
Plans announced in the Budget to re-introduce HMRC’s preferential creditor status in bankruptcies could also raise around £600m per annum.
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The UK VAT Gap grew to £13.3bn in 2017/18, up from £12bn in 2016/17, the latest figures from HMRC show.
The UK VAT Gap grew to £13.3bn in 2017/18 up from £12bn in 2016/17 the latest figures from HMRC show.
Richard Asquith VP global indirect tax at technology company Avalara commented: ‘HMRC has attributed £3.5bn of the VAT gap to what it calls “avoidable taxpayer mistakes” in their VAT returns’. Making tax digital ‘should shave off over £0.5bn of the gap by eliminating first some basic manual errors’ Asquith said.
Plans announced in the Budget to re-introduce HMRC’s preferential creditor status in bankruptcies could also raise around £600m per annum.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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