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Murky world
KEY POINTS
- Small and medium-sized enterprises account for more than half of tax evaded.
- Common perception that HMRC is under-resourced or focused on large-scale evasion.
- HMRC should publicise the consequences of being caught evading tax.
- Accountants can help by offering more support and information.
Tax evasion contributed £5.2bn to the overall tax gap of £34bn and 51% of that is caused by small and medium-sized enterprises (SMEs) according to HMRC’s tax gap estimates for 2015-16. An HMRC research report Understanding Evasion by Small and Mid-sized Businesses indicates that in line with its stated strategic objectives to promote good compliance and prevent and respond to non-compliance HMRC is focusing on how to reduce this deficit.
The report was prepared by Quadrangle after in-depth interviews with 45 SMEs known to be or to have been deliberately...
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