HMRC released tax gap data today, which is the difference between the amount of tax that should, in theory, be paid to the Government, and what is actually paid. The gap is estimated to be £35billion, which equates to 5.3 percent of tax liabilities and total liabilities for the 2019 to 2020 year were £674billion. In light of these figures, a number of experts argued the tax system itself needs a digital overhaul and some have warned taxpayers risk being "clobbered" by HMRC fines.
Source: Daily Express :: Finance Feed https://ift.tt/3Emq2G1
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