Over 16 700 individuals disclosed tax evasion or tax avoidance to HMRC in 2022/23 up from 13 820 disclosures in the previous tax year according to HMRC data seen by Accountancy Group UHY Hacker Young.
While some of this increase could be explained by individuals notifying a historical underpayment the sharp rise suggests that tax evasion and avoidance remain problematic in the UK. The figure could also reflect increased compliance activity by HMRC particularly with the wide use of nudge letters encouraging people to step forward rather than risk action including enhanced penalties.
Neela Chauhan Partner at the firm said: ‘More and more people now understand that the longer you allow tax debts to accumulate the more tax will need to be repaid – and the penalties may be more severe.
‘Any history of underpaying tax can also make it harder to secure loans or mortgages from...
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Over 16 700 individuals disclosed tax evasion or tax avoidance to HMRC in 2022/23 up from 13 820 disclosures in the previous tax year according to HMRC data seen by Accountancy Group UHY Hacker Young.
While some of this increase could be explained by individuals notifying a historical underpayment the sharp rise suggests that tax evasion and avoidance remain problematic in the UK. The figure could also reflect increased compliance activity by HMRC particularly with the wide use of nudge letters encouraging people to step forward rather than risk action including enhanced penalties.
Neela Chauhan Partner at the firm said: ‘More and more people now understand that the longer you allow tax debts to accumulate the more tax will need to be repaid – and the penalties may be more severe.
‘Any history of underpaying tax can also make it harder to secure loans or mortgages from...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
