Mastodawn

Finally good news on UK HMRC's tax collection activities; using a more 'hands-on' approach HMRC has raised an extra £16bn in tax from the UK's top 2,000 businesses. This was achieved in 2024/5 through the use of better data analysis & more judicious use fo penalties.

Interestingly HMRC’s large business directorate now has a return on investment of £95 for every £1 spent on staff pay, which is four times higher than what the agency achieves across all taxpayers.

#tax #politics
h/t FT

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Christine Burns MBE 🏳️‍⚧️📚⧖Feb 27

@ChrisMayLA6 This is all in stark contrast to their obsessive push to bring sole traders into the clutches of ‘Making Tax Digital’, with its quarterly returns and attempt to align transactions in those computerised records and bank accounts with Open Banking. Are they really convinced that small traders are so dodgy that they have to be submitted to what is essentially a permanent near-realtime forensic audit?

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Claire McNab

@christineburns if successive governments over many decades, had been pursuing an explicit goal of placing obstacles in the path of small businesses, they would have succeeded brilliantly.

@ChrisMayLA6