What is causing the tax gap?

What is causing the tax gap?

The tax gap is the difference between the amount of tax owed to the tax man and the amount collected in real terms. In 2018/19 the UK Exchequer collected circa £628bn of tax. By the estimates of HMRC, this involved a gap of missing tax of about £31bn (or 4.7%). This...
Extracting value from your privately-owned company

Extracting value from your privately-owned company

All shareholders and directors in privately-owned companies have an interest in how they extract value from their company. Most owner‐managers are broadly aware that there are alternative methods, with differing commercial and taxation consequences, but few owners...
Tax hikes: 3 actions to take now

Tax hikes: 3 actions to take now

Earlier this summer Tax Tuesday used not one, but two, editions to warn of future tax increases. We make no apologies for returning, an unprecedented third time, to this subject following last weekend’s news that Mr Sunak has three big tax targets already in his...
A positive response to a pivotal moment…

A positive response to a pivotal moment…

If you have not done so already, I encourage you to read Andy Key’s guest blog of last week: “A pivotal moment: opportunity or threat”. It was interesting and thought-provoking, and has got me thinking a lot about my own practice as much as it has my clients’...