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Tax Tip

2012 to 2013 tax gap published

The Tax gap is the difference between the amount of tax due and the amount collected.

HMRC have just published the data for 2012 to 2013, the difference is shown as 6.8% of tax liabilities, or £34 billion.

Financial Secretary to the Treasury David Gauke said:
“Since 2010 to 2011 the percentage tax gap has stayed lower than at any point under the previous government, saving the country £4 billion. Today’s figures show that there’s still more work to do but our continued drive to tackle avoidance means that avoidance is down.”

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The tax gap overall shows a downward trend from when it was first published in 2005 to 2006, from 8.5% to 6.8%, which has delivered an additional £43 billion in cumulative tax collected. The figures also include tax owed by companies that have become insolvent, and therefore uncollectible, as well as low level errors made in tax returns.”

The UK has one of the lowest tax gaps in the world, but HMRC say they will continue to deploy its resources and skills to maintain the downward pressure that has proved so effective in recent years.

If you need any help and advice with your Tax compliance and planning, contact Lavinia Newman, Stuart Coleman or Liz Kennett to discuss how ABDS can help in all your financial planning and business advice.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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