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Tax gap has reached £42bn, says HMRC
http://www.x404.co.uk/forum/viewtopic.php?f=19&t=10641		 Page 1 of 1
Author:  Amnesia10 [ Sun Sep 19, 2010 1:18 pm ]
Post subject:  Tax gap has reached £42bn, says HMRC
http://www.bbc.co.uk/news/business-11342237

Quote:
The amount of tax that went uncollected rose in the last financial year to £42bn, HM Revenue & Customs (HMRC) has estimated.

That was £2bn more than estimated for 2008-09 and meant HMRC failed to bring in nearly 9% of all potential taxes.

The biggest shortfall was in VAT, where £15.2bn, or 16%, of all the potential tax was uncollected.

The next largest loss was nearly £6bn of income tax due to inaccurate self-assessment returns.
Author:  pcernie [ Sun Sep 19, 2010 3:47 pm ]
Post subject:  Re: Tax gap has reached £42bn, says HMRC
Quote:
The next largest loss was nearly £6bn of income tax due to inaccurate self-assessment returns.


And we can't afford for that to be happening, not when we've let Vodafone off with a similar amount... :evil:
Author:  Amnesia10 [ Sun Sep 19, 2010 5:34 pm ]
Post subject:  Re: Tax gap has reached £42bn, says HMRC
If the government truly want to cut the deficit then first they should concentrate on the taxes not collected. It is a good percentage of the deficit.
Author:  tombolt [ Sun Sep 19, 2010 5:47 pm ]
Post subject:  Tax gap has reached £42bn, says HMRC
Simplifying the tax system would be great help too.
Author:  Amnesia10 [ Sun Sep 19, 2010 6:57 pm ]
Post subject:  Re: Tax gap has reached £42bn, says HMRC
tombolt wrote:
Simplifying the tax system would be great help too.

Agreed but if you tell people that you would raise the two big income taxes in order to scrap the multitudes of stealth taxes people will still say no, even if it meant an overall reduction of taxes. People are stupid and will actually vote against their best outcomes if they think that they can get around the increases in other taxes.
Author:  Spreadie [ Mon Sep 20, 2010 11:25 am ]
Post subject:  Re: Tax gap has reached £42bn, says HMRC
Amnesia10 wrote:
tombolt wrote:
Simplifying the tax system would be great help too.

Agreed but if you tell people that you would raise the two big income taxes in order to scrap the multitudes of stealth taxes people will still say no, even if it meant an overall reduction of taxes. People are stupid and will actually vote against their best outcomes if they think that they can get around the increases in other taxes.

I disagree. I think the issue is trust.

I believe that most people would favour an increase in income tax, if they could be assured that the government would reduce stealth taxes. The problem is nobody will trust the government (any government) to keep it's word.
Author:  Amnesia10 [ Mon Sep 20, 2010 12:48 pm ]
Post subject:  Re: Tax gap has reached £42bn, says HMRC
yes trust is a big issue but when the coalitions lead partner have tax cutting as their agenda then they will not scrap the stealth taxes because they want to concentrate the tax cuts on the headline income tax figure.
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