The Treasury – HM Treasury is the government ministry concerned with the economy and finances. The Treasury maintains control over spending and directs economic policy for the UK.
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.
£10.9 billion of unpaid tax was written off in 2009/2010 by HMRC, without the Treasury being aware this was the case until now.
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.
£900 million will be spent by the Treasury in an attempt to clampdown on tax evasion, chief secretary to the Treasury Danny Alexander has revealed.
The pre-Budget report (PBR) will be done away with by Chancellor George Osborne in a move that will return economic policy to the way it was prior to Gordon Brown’s era.
The Treasury is planning to cut staff numbers by a quarter as the Chancellor George Osborne seeks to roll back his department in line with sweeping cuts across the board.