New data out today shows the amount of tax that HMRC believe is either avoided or evaded by wealthy individuals has jumped from £1.9billion to £2.1billion in tax in the last year says UHY Hacker Young, the national accountancy group.
UHY Hacker Young explains that this means the amount of underpaid tax for wealthy individuals has increased by an average of 17% per annum over the last three years.
Neela Chauhan, Partner at UHY Hacker Young, says: “These numbers tell you where we can expect HMRC to launch its crackdown -against wealthy people, where unpaid tax is rising and against small businesses where the tax gap has jumped to £28billion from £25.9billion.”
“Rachel Reeves has allocated substantial new resources to HMRC to step up tax investigations, we expect that to translate into unannounced visits by the taxman and more aggressive mailshots from HMRC to individuals it suspects of underpaying tax.”
*Tax year end April 5 2024. The tax gap is the gap between theoretical liabilities and what HMRC collects.
