UK's missing VAT grows by £1.3 billion

7 December 2018

According to figures released by HMRC, an estimated £13.3 billion in UK VAT revenue was lost due to non-compliance or non-collection during the year 2017/18. When compared with the same figures from 2016/17 this shows an increase of £1.3 billion.

The main factors contributing to were insolvencies, bankruptcies, fraud, administrative errors and legal tax optimisation.

LATEST NEWS

Emergency VAT measures to combat the financial impact...

Due to the negative financial impact that the Coronavirus pandemic is having on businesses all over the world, a number of tax authorities have implemented...

SEE MORE
LATEST NEWS

EU delays 2021 e-commerce VAT reforms to July 2021

Due to the Coronavirus crisis, the European Commission proposes to delay the introduction of the EU VAT e-commerce package from 1 January 2021 to 1 July...

SEE MORE
LATEST NEWS

Paraguay to introduce VAT on e-services from January...

From 1 January 2021, Paraguay will extend VAT to non-resident sales of digital services to consumers in the country. When introduced, the new tax at 10% will...

SEE MORE

Gated Content

The following email providers are not accepted: gmail, hotmail, yahoo. Please use proper company email.