'Black economy' teams recover only £29m
Government hit-squads for tax-dodgers yield modest return
Government hit-squads for tax-dodgers yield modest return
Government teams set up to reduce the ‘black economy’ only produced an extra
£29m last year, the Daily Telegraph reports today.
The 11 regionally based Shadow Economy Teams and the Joint Shadow Economy
Teams resulted in just over 3,300 businesses being brought into the tax-paying
net, generating £26.4m. They also identified 229 ‘ghost” businesses, which
yielded £2.7m, the paper says.
HM Revenue & Customs rejected suggestions that the returns were modest.
A Customs spokesman said: ‘We get a good return on our investment. We recover
£16 for every £1 we spend.’
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe amount of tax saved by businesses through HMRC’s Patent Box scheme has increased by 23% over the last five years, from £1.14 billion in 2017/18 to...
View articleUK Chancellor Jeremy Hunt has hinted at the possibility of further tax cuts in the upcoming spring Budget, during his time at the World Economic Forum...
View articleThe legislation, which introduces a global minimum tax of at least 15% for multinational enterprises, aims to limit tax competition and ensure large c...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleAccountants must stay vigilant, adapt their tax strategies to evolving regulations, prioritize transparency, and foster collaboration with tax authori...
View articleAs the government prepares for re-election, PM Sunak promises to control spending in order to bring forth tax cuts next year Read More...
View articleThe Office for National Statistics revealed that the UK economy shrank by 0.3% in March after the economy grew by 0.1% in the previous three months Re...
View articleAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View article