FinancialAdvice.co.uk Logo

Qualified advisers answering your
Financial Questions
call 0800 092 1245

HMRC yield £23.9 billion from tax crackdown

27/05/2014

The government collected £23.9 billion in unpaid taxes for the 2013-14 tax year, the highest amount collected since records began.

HM Revenue and Customs (HMRC) claimed that they collected the extra money as a result of “increased activity” which is aimed at helping to close the ‘tax-gap’.

The ‘tax-gap’, which is the difference between the amount of tax that the government is owed and what is actually collected, was recorded at 7% in 2011-12.

However, it’s hoped that new measures to collect unpaid tax will help to significantly close the tax-gap.

A large percentage of the extra money came from large businesses, whilst significant gains were also made on tax-avoidance schemes. For example figures released by HMRC showed:

1. £8bn of the extra money came from large businesses
2. £2.7bn of it came from tax avoidance schemes
3. £1bn of it came from criminals

HMRC also claimed that they are expecting to secure £100bn between May 2010 and March 2015 as a result of these investigations into unpaid tax.

Treasury Minister, David Gauke, spoke of his belief that HMRC will be successful in cracking down on tax-avoidance and subsequently closing the tax-gap, as he said the government are “determined to tackle the minority that seek to avoid paying the taxes they owe."

Need financial advice?



If you need to ask a financial question then please contact our financial advisers online or over the phone to get help with your query.








Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:



Latest News

Blogs

Helpful new tax year facts that could affect you and your money


Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.


Read more

Useful Links

Popular Searches

Please Enter More Details

 
Enter More Details
Continue