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Unhappy returns
Key points
- HMRC is telling some taxpayers they will no longer have to complete a tax return but also that if their circumstances change they may need to re-register for self assessment.
- PAYE is efficient as long as HMRC holds all the necessary information about a taxpayer’s sources of income and deductions.
- Not all sources of income such as dividends received are reported to HMRC.
- Problems with P800 calculations which often contain estimated figures of income.
- If HMRC engaged more with agents it would ensure taxpayers pay the correct tax.
For reasons I shall explain I have been nerdily perusing the detailed explanation of the ‘tax gap’ calculation (tinyurl.com/252y4w2s). It struck me that HMRC’s list of the components of the perceived shortfall in revenue have something in common. Avoidance criminal attacks error evasion failure to take reasonable care hidden economy ...
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