"Tax nerds were promised a mega "tax day" today, with a number of tax consultations being published together. In principle this looked like a fantastic move. Instead we got a snooze-fest, even by tax standards." Dr Arun Advani, Assistant Professor of Economics and Impact Director, CAGE, reacts to "tax day."
As HMRC reports that the tax gap, the difference between the tax owed and what is actually paid, has fallen to the lowest recorded rate, Dr Arun Advani from the Department of Economics comments that there is still work to do on reducing that gap - particularly as the UK leaves the European Union.
" A single auditor working on self-assessment returns can bring in enough revenue to pay for their own salary, and that of four nurses too." The Chancellor has announced plans to employ 1300 additional auditors, expected to bring in an average of £770m a year over the next five years by improving compliance with the tax rules. Dr Arun Advani of Warwick Economics and CAGE explains the "tax gap" and why closing it is important.