Tax Gap at £32 Billion
HMRC’s estimated tax gap for 2011/2012 has been stated as being £32 billion, up £1 billion from the previous year.
The tax gap is defined as the amount of tax that is due to the government that is not paid.
Estimates for the tax gap began in 2004/2005 and have been relatively consistent since. The lowest figure came in 2009/10 as £31 billion with the highest being £35 billion in 2006/2007.
The gap is compiled from 30 separate estimates for different taxes, and breaks down reasons for why tax has not been collected. The main reasons are tax evasion and avoidance, corporate insolvency, tax payer error and the black economy.
HMRC chief Lin Homer said: “Our determination to support the honest majority and to crack down on evasion, avoidance and fraud has kept downward pressure on the tax gap.
“We are determined to do more and we are devoting increasing resources to pursuing those who do not pay the tax they owe, while making it easier for people and business to comply with their tax obligations.”
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
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Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.
