HM Revenue & Customs has warned of ‘future attacks on the VAT base’
despite a push to minimise VAT losses through computer-based carousel fraud.
The drive has resulted in the total estimated VAT lost fall between £500m and
£2bn a year, according to
Tax credit fraud is currently between £1.58bn and £1.84bn, and the department
is confident efforts to reduce this figure are working.
The Federation of Small Businesses (FSB) has also expressed concern that some
companies do not have the necessary accounting systems to reinstate the 2.5% VAT
increase at the end of this year.
Accountants argue businesses could pay the incorrect amount of tax and face
Stephen Alambritis, of the FSB, said: ‘Companies will be suffocated by
further red tape as a result of the change and they will face crippling tax
fines if they get their tax wrong.’
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states