HMRC raised an additional £489m in corporation tax through investigations into SMEs in 2014/15, according to UHY Hacker Young. Between 2012/13 and 2013/14, SMEs’ share of the corporation tax gap as a proportion of corporation tax liabilities shrank from £2.1bn (11%) to £1.4bn (7%).
HMRC raised an additional £489m in corporation tax through investigations into SMEs in 2014/15, according to UHY Hacker Young. Between 2012/13 and 2013/14, SMEs’ share of the corporation tax gap as a proportion of corporation tax liabilities shrank from £2.1bn (11%) to £1.4bn (7%). The tax gap for large businesses stayed at £1bn (5%) for the same period.
UHY Hacker Young partner Roy Maugham said that HMRC appears to view SMEs as ‘easy pickings’. Dealing with tax enquiries demands a large proportion of the resources of a small business and unforeseen tax bills can have greater impact on their short-term cash flows. ‘The public is increasingly frustrated about large companies failing to pay their fair share of corporation tax,’ said Roy Maugham, ‘whilst SMEs feel they are shouldering much of the tax burden.’
HMRC raised an additional £489m in corporation tax through investigations into SMEs in 2014/15, according to UHY Hacker Young. Between 2012/13 and 2013/14, SMEs’ share of the corporation tax gap as a proportion of corporation tax liabilities shrank from £2.1bn (11%) to £1.4bn (7%).
HMRC raised an additional £489m in corporation tax through investigations into SMEs in 2014/15, according to UHY Hacker Young. Between 2012/13 and 2013/14, SMEs’ share of the corporation tax gap as a proportion of corporation tax liabilities shrank from £2.1bn (11%) to £1.4bn (7%). The tax gap for large businesses stayed at £1bn (5%) for the same period.
UHY Hacker Young partner Roy Maugham said that HMRC appears to view SMEs as ‘easy pickings’. Dealing with tax enquiries demands a large proportion of the resources of a small business and unforeseen tax bills can have greater impact on their short-term cash flows. ‘The public is increasingly frustrated about large companies failing to pay their fair share of corporation tax,’ said Roy Maugham, ‘whilst SMEs feel they are shouldering much of the tax burden.’
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