Carousel fraud could be worth £5bn this year, according to calculations by
The Guardian newspaper.
The paper today reports that the scale of the frauds has increased, and,
using trade estimates, has estimated that the value of the frauds could have
tripled. HMRC says that the frauds are currently worth between £1.1bn and
The frauds are the taxman’s number one fraud priority, and though it accepts
activity has increased, has also instituted a number of measures to combat the
It says HMRC has passed estimates to the ONS suggesting a tripling of the
problem since 2004, and quotes a Treasury official saying: ‘There is no doubt
the sums involved are rising very rapidly.’
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
The SME community voices concern about the chancellor's measures in the Spring Budget
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals