Tax gap remains steady at 5.1%
HM Revenue and Customs data has revealed the estimated tax gap for the 2020-21 tax year is 5.1 per cent – the...READ MORE
HMRC imposed £413,437 in fines in 2018/19, compared to just £45,600 in 2015/16.
The tax investigations' yield was partly driven by payments HMRC has received ahead of the loan charge being introduced in April 2019, and the results of HMRC’s offshore tax campaign last year, while new technology has meant HMRC has also become more successful at identifying cases for investigation that are likely to result in large amounts of extra tax being collected, according to research by UHY Hacker Young.
Read more at Accountancy Daily.