"Tax dodging by rich could be ‘much greater than thought’, says UK audit office"

[JohnD]

Well there's a surprise.



"The report said that in 2022-23 HMRC’s estimate of the “tax gap” among this cohort — the difference between the amount of tax that should be paid and what was actually paid — had been only £1.9bn.

However, it found that HMRC had subsequently doubled the annual “compliance yield” from wealthy individuals from £2.2bn in 2019-20 to £5.2bn in 2023-24. The term refers to tax revenue that HMRC has collected because of its work to ensure compliance.

The figures showed HMRC had collected more tax than it had previously believed possible, according to the report."
The NAO report said: “This raises the possibility that underlying levels of non-compliance among the wealthy population could be much greater than previously thought.”


FT.com

 

[noseall]

Well there's a surprise.



"The report said that in 2022-23 HMRC’s estimate of the “tax gap” among this cohort — the difference between the amount of tax that should be paid and what was actually paid — had been only £1.9bn.

However, it found that HMRC had subsequently doubled the annual “compliance yield” from wealthy individuals from £2.2bn in 2019-20 to £5.2bn in 2023-24. The term refers to tax revenue that HMRC has collected because of its work to ensure compliance.

The figures showed HMRC had collected more tax than it had previously believed possible, according to the report."
The NAO report said: “This raises the possibility that underlying levels of non-compliance among the wealthy population could be much greater than previously thought.”


FT.com

Greedy bastards.

 

[HawkEye244]

WEXIT: Wealthy Brits Exit UK for EU Ahead of Budget

Based on data collected over the past nine months, the UK’s wealth exodus or WEXIT is expected to include 85 centi-millionaires and 10 billionaires.

www.henleyglobal.com

.. and this was before the budget was actually implemented by Labour..

Where do you thickos think the extra money is going to come from for public services as millionaires are leaving the UK in massive numbers..

It's going to come from whatever is left of the middle class and make poor people even poorer.

I might even put you on block for posting this shyte.

 

[Justin Passing]

Tax dodging by anyone who can do it, might equally be more than thought.
It's not worth much effort on the part of the authorities to chase a few grand, so they only dip a toe into that murky puddle to show their presence.

I know a chap, two jags to show off at the golf club, type, who crows that he only ever pays cash to tradesmen because "he's not paying their tax".
What he means is, he expects them to fiddle their tax and pass the benefit on to him.
Votes labour, complains about the rich because he isn't as rich as he'd like, and they can get away with bigger numbers than he can.

Salt of the earth.

The real tax dodgers, as seems to be 'common knowledge', are big boys with tax accountants and lawyers so it's all 'perfectly legal'.

Many use what you might call "origami companies" - paper ones which get folded in highly creative ways.
(I think I just made that term up. I might even try to remember it ).

To say nothing of AppGoogFacebAmazoMicroTes.

 

[motorbiking]

Not to mention "cash jobs".

 

[Deleted member 323070]

.... millionaires are leaving the UK in massive numbers..

Is this what you call massive numbers:

I might even put you on block for posting this shyte.

 

[Mottie]

The real tax dodgers , I suspect, are big boys with tax accountants and lawyers so it's all 'perfectly legal'.

So what’s wrong with that - are they to blame for using the rules that are in place? Sounds like it more a case of the OP who….

Votes labour, complains about the rich because he isn't as rich as he'd like, and they can get away with bigger numbers than he can.

Yawn. So come on JohnD, for the umpteenth time, what is your definition of 'tax dodging'? You never have answered that question when complaining about 'tax dodgers'. Is it tax evasion or tax avoidance and before you answer, remember the avoidance rules you enjoy, albeit on a much, much smaller scale than the 'big boys'.

I find there is a great advantage in arranging your affairs so you don't have to fill in a tax return. It needs time and care, or expense if you use an accountant.

You brag about being well off enough to not need the £300 winter fuel payment but you won’t say whether you 'need' tax free winnings on the premium bonds, tax free savings on your ISA's, personal tax allowance, tax savings on interest earned, etc etc. presumably you are gratefully using those 'tax dodging' rules?

 

[Odds]

HMRC issued 456 penalties worth £5.8m to wealthy taxpayers in the financial year ending in March 2024, a decline of more than 75% from 2,153 penalties in 2018-19, totalling £16.2m...According to the NAO report, the population of wealthy individuals that HMRC oversees has grown from 700,000 in 2019-20 to 850,000 in 2023-24. Defined as those earning more than £200,000 a year or with assets of more than £2m, wealthy individuals paid £119bn in personal taxes in 2023-24, contributing 25% of total personal tax receipts.

Imagine how much worse it could've been if Lettuce Liz had hung around long enough to implement her 'Britannia Unchained policy.
Yes, exactly.

 

[motorbiking]

Is this what you call massive numbers:
View attachment 381676



View attachment 381675

out by a factor of 1900. Thats impressively wrong even for you himmy

 

[Deleted member 323070]

out by a factor of 1900. Thats impressively wrong even for you himmy

Do you call everyone who disagrees with you as 'himmy'?
You RWR must be paranoid, thinking you're surrounded.

But I'm guessing that you're copying Dick Turpin's tactics of wanting a way out of this discussion so you divert to ad hominem attacks.
It illustrates the fragility of your argument, and you've finally realised it.

 

[MNW67]

WEXIT: Wealthy Brits Exit UK for EU Ahead of Budget

Based on data collected over the past nine months, the UK’s wealth exodus or WEXIT is expected to include 85 centi-millionaires and 10 billionaires.

www.henleyglobal.com

.. and this was before the budget was actually implemented by Labour..

Where do you thickos think the extra money is going to come from for public services as millionaires are leaving the UK in massive numbers..

It's going to come from whatever is left of the middle class and make poor people even poorer.

I might even put you on block for posting this shyte.

This is one of the issues I discussed with my local MP a few weeks ago. It is a big problem. The rich have an ever greater share of the income and wealth but are becoming increasingly able to avoid tax in various ways.

 

[motorbiking]

Do you call everyone who disagrees with you as 'himmy'?
You RWR must be paranoid, thinking you're surrounded.

But I'm guessing that you're copying Dick Turpin's tactics of wanting a way out of this discussion so you divert to ad hominem attacks.
It illustrates the fragility of your argument, and you've finally realised it.

I can call you by your real name if you want?

 

[motorbiking]

This is one of the issues I discussed with my local MP a few weeks ago. It is a big problem. The rich have an ever greater of the income and wealth but are becoming increasingly able to avoid tax in various ways.

Look at the numbers if you were one of the 850,000 you'd realise how unpleasant and stressful getting emails from [email protected] is. I suspect the cash job economy leads to a lot more than £6M in loss.

What I find annoying, is that HMRC have lots of info and they wont share it, to assist with an accurate tax return. They could easily set something up with all the information on bank accounts, income etc and then pre-fill the tax return for those 850,000.

 

[Deleted member 323070]

I can call you by your real name if you want?

You can call me Tom if you wish.
Will you return the courtesy of telling us your real name?

 

[motorbiking]

You can call me Tom if you wish.
Will you return the courtesy of telling us your real name?

we both know that this is not your name.

I have only ever had one username on this site. I'm more than happy to engage with you if you stop all the silliness. Stick to one username, tone down the racial hatred and we'll get along fine.