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Is the Taxman Strapped for Cash?

You may have seen some stories in the news this week that HMRC have scaled back their winding up orders in recent months, with experts declaring the reason to be lack of cash to pay for insolvency services, as opposed to the taxman finding an unexpected compassionate streak.

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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.

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50 Pence Tax Rate Could Raise £12.6 Billion

Government figures have revealed that the 50p top rate of tax could gain the treasury an additional £12.6 billion in tax take over the next five years.

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Treasury Loses out on £16 billion of Unpaid Tax

Up to £16 billion of unpaid tax has been missed by the Treasury according to a new in depth report. More than half a million companies disappeared last year without paying any tax and in most cases not filing accounting.

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Government Boosted By Bumper Tax Receipts

The biggest government financial surplus for more than 2 years has been recorded as healthy income tax receipts last month swelled the treasury’s coffers.

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UK Economy Recovers Faster Than Expected

The British economy has been given a boost with the news that the there has been twice as fast growth in the third quarter as expected.

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HMRC Considers Plan to Collect Tax Directly

A controversial plan by HMRC to deduct tax directly from employees bank accounting is being considered, it has emerged.

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