The Chartered Institute of Taxation (CIOT) has drawn attention to official figures published showing that nearly six times as much tax revenue is lost as a result of illegal activity as through tax avoidance. The figures also show that more than £6 billion a year is being lost to public funds as a result of errors and carelessness by taxpayers.
John Cullinane, CIOT Tax Policy Director, comments: "HMRC are still not doing enough in this area. There should be a stronger focus on education and making it easier for people to complete their tax returns. Additional simplification measures would also help reduce errors as well as making avoidance more difficult."
The figures clearly demonstrate how complex the UK tax system has become, as evidenced by the large number of unintentional mistakes made by taxpayers when completing their tax returns, and the tax environment remains convoluted and confrontational for SME businesses, with a large volume of tax legislation, including in excess of 20,000 pages of UK tax code.
At Beavis Morgan, we understand the demands placed on SMEs and we know that no two situations are the same. We therefore work at understanding you, your business and its unique issues and provide advice and solutions to help you improve your net worth and increase growth and profitability.
Our diverse team of tax professionals that are committed to ensuring that your tax reporting obligations are fully satisfied and that every opportunity to lawfully exploit tax savings is made known to you, restructuring your affairs in a tax effective and efficient way.
Contact Steve Govey or your usual Beavis Morgan Partner for further information about how we can assist you and your business.