UK Owes GBP42bn Tax
Published / Last Updated on 17/09/2010
by Ashley Clark, Director
HMRC has estimated that an estimated £42bn was uncollected in taxes due in the tax year 2008-09. They suggest this was around £2bn higher than expected.
In addition, VAT shortfalls were estimated at over £15bn.
Touch one to call here as the sheer scale of the tax system and the complexity of it leaves the public, tax advisers and even HMRC staff perplexed.
As advisers, we can visbly count the number of different opinions we get from HMRC on any given client each week where we seek guidance.
Eventually you get the right answer if you go up the ladder high enough but at the call centre end, some staff make mistakes which cost the tax payer, the adviser both time and money and even the consumer in some instances late tax fines despite seeking help in the first place.
The tax system in the UK is one of the most complex in the World. Why? Because we pay more taxes that most other nations to support those who cannot afford tooay or use loopholes to not have to pay.
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