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Tax crackdown brings in extra £23bn

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New figures from HM Revenue and Customs (HMRC) have revealed that it brought in a record £23.9 billion in extra taxes over the last year, after stepping activity to make sure people pay all the tax they owe.

The additional tax, brought in through HMRC investigations, on top of funds collected from those who pay their taxes on time, is up £3.2 billion on the previous year, up £9 billion on three years ago and nearly £1 billion above the target set at Autumn Statement 2013.

More than £8 billion was secured from large business, more than £1 billion from criminals and £2.7 billion from tackling avoidance schemes in the courts.

HMRC said its compliance activity had resulted in a number of tribunal wins, and had also seen corporation tax and stamp duty land tax loopholes closed.

Announcing the figures on 27 May, Exchequer Secretary to the Treasury David Gauke said  “We set HMRC ambitious targets to increase its yield and the figures published today demonstrate that HMRC is successfully meeting these challenges.

“It also sends a clear signal – HMRC will pursue those seeking to avoid their responsibilities and will collect the taxes that are due.”

HMRC has also published an overview of compliance activities and action taken to tackle tax avoidance, including launching taskforces, publishing the details of deliberate and serious defaulters and challenging tax avoidance through the courts.

The document also set details of planned further steps to tackle tax avoidance and evasion, including tackling high-risk promoters and offshore tax avoidance.

Link: Information on HMRC’s work to tackle avoidance, evasion and fraud

Chartered Accountants in Dudley
Chartered Accountants in Dudley
Chartered Accountants in Dudley

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Chartered Accountants in Dudley