The Revenue raises £20.7bn from tax avoidance clampdown
Citywire have reported that HM Revenue & Customs (HMRC) has brought in £20.7 billion from work on tax avoidance and evasion in 2012/13, according to accountancy group UHY Hacker Young.
The accountancy group said the taxman had beaten its revenue target for avoidance work by £2 billion, with the £20.7 billion figure up 11% on the £18.6 billion it had made in 2011/12.
Roy Maugham, tax partner at UHY Hacker Young, said additional revenue from tax investigations into small businesses jumped 30% to £565 million last year. At the same time, the compliance yield from investigations into personal tax returns rose by 38% to £609 million.
‘HMRC’s target for the amount of extra revenue it wants to claw back from compliance investigations has become massively ambitious. But it has managed to smash through that target,’ he said.