Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Chancellor’s statement on tax collection has no substance

by November 22, 2023
November 22, 2023
Chancellor’s statement on tax collection has no substance

Whilst the determination of the Chancellor for HMRC to collect more taxes that people owe is admirable, the statement does not have any substance, say leading tax and advisory firm Blick Rothenberg.

Fiona Fernie, Partner at the firm, said: “The tax gap remains at a level of over £30billion – a figure which has not been impacted significantly over the last few years despite HMRC’s alleged focus on reducing it. A further reduction in the tax gap of £5bn is of course, welcome but is still less than 20% of the current problem.

“The statement also begs the question of how this additional collection is going to be achieved. At the moment, HMRC is under-resourced, and pockets of the organisation also need better training. There is too much onus on the taxpayer to come forward using various ‘disclosure campaigns’, and even when individuals do make a disclosure, there is often huge inefficiency in dealing with them, with HMRC seemingly using standard responses and a ‘one-size-fits-all’ approach in order to relieve the pressure on their in-trays.”

She added: “If the Chancellor really wants to cut the tax gap significantly, HMRC need the resources to mount investigations into those taxpayers where there is a suspicion of serious non-compliance and large underpayments. They also need properly technically trained staff manning the helplines for the ordinary taxpayer to use to try and ensure they are compliant by getting appropriate advice.”

Read more:
Chancellor’s statement on tax collection has no substance

0
FacebookTwitterGoogle +Pinterest
previous post
Taiwan’s Officials Should Not be Complacent on Arms Backlog
next post
Getting To Know You: Susannah Davda, Founder, The Shoe Consultant

You may also like

Energy prices predicted to fall by 16% in...

January 22, 2024

Amazon in talks to become anchor investor in...

August 10, 2023

Evri Accelerates Sustainability with £19m Investment in E-Cargo...

June 24, 2024

Getting to Know you: Benjamin Sparks, Commercial Construction...

July 29, 2022

Keir Starmer PM  – is he a force...

July 5, 2024

How to Simplify Your Invoice and Billing Process...

November 12, 2024

EU votes to force all phones to use...

October 5, 2022

A third of SMEs in Britain set to...

August 8, 2022

Amazon invests in the UK’s largest e-HGV fleet,...

January 14, 2025

Comprehensive Guide to EcoVadis Assessments: How DEKRA Supports...

February 17, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • SCOOP: House Republican eyes bid for Thom Tillis Senate seat after Trump attack

      June 29, 2025
    • Dem delay tactic ends, debate begins on Trump’s ‘big, beautiful bill’

      June 29, 2025
    • GOP, Dem senators remain divided over Medicaid after Trump’s ‘big, beautiful bill’ vote

      June 29, 2025
    • The five liberal courts that tied Trump’s hands before SCOTUS clipped their power

      June 29, 2025
    • Thom Tillis announces retirement from Senate after clash with Trump

      June 29, 2025
    • Revealed: The extensive perks UN officials receive amid budget crisis

      June 29, 2025

    Categories

    • Business (8,334)
    • Investing (2,081)
    • Politics (15,863)
    • Stocks (3,177)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved