Changes to VAT penalties and interest from 01 January 2023
Tax gap remains low HMRC has published a report showing that the UK tax gap in 2017/18 is estimated to be £35 billion. This is 5.6% of total theoretical tax liabilities, and a small increase of 0.1% from 5.5% in 2016/17. HMRC therefore secured 94.4% of all tax due.The tax gap is the difference between…