UK Tax Compliance
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by: SamBenson
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Yet despite the enforced rules and regulations, estimates indicate that close to 10 billion pounds are lost each year by tax avoiding schemes. In a bid to tackle the tax evasion schemes, the HM Revenue and Customs (HMRC) has set up special units or watch dogs.
For the average person who works for someone else, it is almost impossible to evade taxes, unless you work for your brother. The majority of tax evaders are in the high income bracket or solo businesses. The lower working class people have their taxes deducted before they receive their salaries.
Recent laws in the UK have given the Tax inspectors more clout – just like the IRS in the USA. Any UK citizen, who has money outside of Britain, must declare it. Having a bank account in Pakistan or elsewhere is not illegal but not declaring overseas income is considered tax evasion and illegal.
Even though taxes are low in the UK, there are way too many taxes. One has to pay for the road tax, value added tax, TV tax, land tax and so on. While some individuals may be delayed with their tax filing, the UK government has recently started to apply the American IRS style management when it comes to tax. When you fail to pay tax, it is a crime. In the UK all tax accountants firms also have to report new tax avoidance schemes to HMRC before recommending it to their clients. Today, HMRC is drawing the curtain on all illegal means of avoiding tax.
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