The firm made what it called a ‘conservative’ estimate based on official data
showing sharp falls in the fraudulent activity in the past couple of months.
Grant Thornton said the estimate of £5bn was likely to be reached even if the
final quarter of this year sees a substantial decrease in the scale of fraud.
‘The economic impact of [carousel] fraud continues to have a significant
negative impact on the UK economy,’ said
Gifford, the firm’s chief economist.
‘Even on a conservative estimate we forecast losses to HM Treasury will
amount to £5bn in 2006. That represents around one penny on the basic rate of
income tax,’ he added.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Does Darwin's theory apply to taxation? Colin ponders...