Monday, January 07, 2013

Tax Fraud at an All Time High



Tax Fraud is now at an all-time high following the start of the recession.  The Vat gap is believed to be around £3.3bn and is being blamed on the HMRC being under-resourced according to BDO’s FraudTrack report.



It has been reported that around half of the sum is blamed on professional fraudsters, while the rest of the sum is due to non-compliance and business evasion.

Calls are being made to follow Germany and the Netherlands, where significant amounts of time and money are being used to target individual tax evaders. The result shows the number of tax fraud has significantly decreased in both countries.

Last week, HMRC took to naming and shaming tax thieves that were caught red handed. The list included photos, names and specific details of their crimes.

In the Autumn Statement, George Osborne announced that £77m will be set aside to help find HMRC in their pursuit of tax cheats.  

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