Safeguarding clients in a world of increasing HMRC activity

As His Majesty's Revenue & Customs (HMRC) intensifies its efforts to reduce the tax gap, it is important that financial advisers stay informed and proactive. Understanding HMRC's strategies and compliance activities helps to effectively manage clients' tax affairs and mitigate risk. The tax gap Each year, HMRC publishes its estimate of the tax gap. The tax gap is the difference between the amount of tax received by HMRC and the amount that it expects to have received. In the 2022/23 tax year, HMRC estimated the tax gap to be 4.8%, which equates to circa £39.8bn. HMRC uses a ra...