HMRC Seeks ‘Novel and Innovative Solutions’ to Help Close £50bn Tax Gap

HMRC seeks ‘novel and innovative solutions’ to help close £50bn tax gap

The department has outlined its intent to put in place a £6m commercial engagement with the aim of hearing from possible suppliers of new technology or techniques for data analysis HM Revenue and Customs is seeking to engage with specialised digital and data companies who can propose “novel and innovative solutions” that could help close the UK’s near-£50bn annual tax gap. In a newly published commercial planning notice, HMRC informs prospective…

Is the UK tax gap understated by at least £18 billion?

There is a report in the International Accounting Bulletin this morning that suggests: The UK’s HM Revenue and Customs (HMRC) has reported that US companies may have underpaid taxes amounting to £8.8bn ($11.8bn) in the previous financial year, according to UHY Hacker Young, a national accountancy firm. This figure marks a 57% increase from the estimated £5.6bn underpayment recorded the year before. US corporations represent the largest share of…

UK HMRC estimates US firms underpaid £8.8bn in taxes last year

The UK’s HM Revenue and Customs (HMRC) has reported that US companies may have underpaid taxes amounting to £8.8bn ($11.8bn) in the previous financial year, according to UHY Hacker Young, a national accountancy firm. This figure marks a 57% increase from the estimated £5.6bn underpayment recorded the year before. US corporations represent the largest share of tax underpayment among foreign entities, contributing to 46% of the total £19bn in tax …