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Old 4th February 2016, 03:07 AM   #1
edward222
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Default MPs Question HMRC’s Response To Tax Evasion, The Hidden Economy And Criminal Attacks

Credit to: Tax Avoidance News : MPs question HMRC’s response to tax evasion, the hidden economy and criminal attacks

Quote:
The NAO report

The National Audit Office report published at the close of last year estimated that HMRC losses to tax fraud amount to £16 billion each year. This is nearly half of HMRC’s estimate of the tax gap (£34 billion): the difference between the amount of tax HMRC should collect each year and the amount it actually collects. The report confirms that whilst reducing the amount of tax that is lost due to tax fraud is a high priority for HMRC – to do this it needs to make better use of its data and further develop its analysis. In addition, the report set out the biggest tax fraud risks citing two groups – “smaller businesses and criminals” – as responsible for 17 of the 21 biggest tax fraud risks. Of these, 8 relate to organised crime and 9 involve medium-sized, small or micro-businesses.

Under scrutiny

The Public Account Committee’s inquiry assesses HMRC’s performance in tackling different types of tax fraud. It focuses on HMRC’s use of prosecutions, how it assesses risk and uses data, and its shifting strategy to place more emphasis on measures to prevent losses rather than relying so much on investigating them afterwards. HMRC witnesses called on 13th January were: Dame Lin Homer, Chief Executive and Permanent Secretary, Jennie Granger, Director, General Enforcement and Compliance, and Simon York, Director, Fraud Investigation Service. Officials from the National Audit Office were also in attendance.
Your thoughts guys?

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Old 28th February 2016, 11:28 PM   #2
MahaKarthi
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This is very informative. One has to careful while filing tax and also submit valid documents. However, the taxation rules for companies may differ as per their line of business.

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Old 7th March 2016, 02:52 PM   #3
Mike Wilford
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Some would say they are the criminals...

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