Complicated self-assessment system 'badly in need of change'

HM Revenue & Customs (HMRC) has revealed an estimated tax gap of £35bn for 2019/20 with self-assessment errors blamed for most of the missing payments.  It's Measuring tax gaps report, released today, said income tax, national insurance, capital gains tax and VAT all fell short, with VAT making up the largest share with £12.6bn underpaid.  Quilter tax and financial planning expert Shaun Moore said while 94.7% of all taxes are collected successfully, the main reason for the tax gap is simply down to innocuous errors which accounts for a fifth of the £35bn tax gap. Moore suggested th...