TaxAdministrationNAO report sings HMRC’s praise

NAO report sings HMRC’s praise

NAO report praises HMRC efforts for returning £4.50 for every £1 spent in tackling the hidden economy in 2006-07

A
National
Audit Office
report released today praises HM Revenue & Customs (HMRC)
for returning £4.50 for every £1 spent in dealing with the ‘hidden economy’ in
2006-07 and for the success of recent campaigns encouraging people into the
formal economy.

HMRC’s own figures released earlier show the yield gained from all of its
efforts to combat tax evasion has increased dramatically over the last fifteen
years, according to Ronnie Ludwig of Saffery Champness in
BBC
News
.

The money collected from a wide range of sources – from individuals and
companies who had failed to fill in their forms, to investigations of outright
tax fraud – in fact climbed from £1.13bn in 1991-92 to a staggering £9.17bn in
2006-07.

The latest amount does not include the additional £400m expected in 2007-08
from people who have been hiding money in offshore bank accounts but does
include an extra £834m from tighter scrutiny of corporate tax returns and more
than £1bn from probing self-assessed tax returns.

Further reading:

HMRC woos FTSE 100 CFOs

Taxman nets 35% more cash from business says study

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