Market leading insight for tax experts
View online issue

UK VAT gap

The UK VAT Gap grew to £13.3bn in 2017/18, up from £12bn in 2016/17, the latest figures from HMRC show.

The UK VAT Gap grew to £13.3bn in 2017/18 up from £12bn in 2016/17 the latest figures from HMRC show.

Richard Asquith VP global indirect tax at technology company Avalara commented: ‘HMRC has attributed £3.5bn of the VAT gap to what it calls “avoidable taxpayer mistakes” in their VAT returns’. Making tax digital ‘should shave off over £0.5bn of the gap by eliminating first some basic manual errors’ Asquith said.

Plans announced in the Budget to re-introduce HMRC’s preferential creditor status in bankruptcies could also raise around £600m per annum.

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:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
EDITOR'S PICKstar
Top