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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.
HMRC’s estimated tax gap for 2011/2012 has been stated as being £32 billion, up £1 billion from the previous year.
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.
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.
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.
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.
A controversial plan by HMRC to deduct tax directly from employees bank accounting is being considered, it has emerged.