Estimated tax gap figure remains in line with previous year

HMRC’s released figures estimate that the tax gap has held steady at 4.8% in percentage terms. In real terms, though, the tax gap increased to £36bn, an increase of £5bn from the previous year. ICAEW’s Tax Faculty looks at the key figures. HMRC published its annual data analysing the tax gap on 22 June 2023. […]

Basis period reform: How to deal with estimated figures

The fiscal year basis of taxation, applying from 2024/25, could mean unincorporated businesses that are unable to have an accounting date that matches the tax year will have to use estimated figures in their tax returns. How will this work and what are the penalty implications? The basis period reform transition year of 2023/24 is […]