Fawcetts is one of Salisbury’s most established firms of chartered accountants, with four partners and a team of 25 highly-qualified and experienced support staff.
A large number of our staff have been with the practice for many years and as a client you will benefit from this partner-led stability and continuity of contact. All of our team are encouraged to interact and communicate with clients regularly and using leading technology we can ensure you benefit from fast turnaround of your work and speedy responses to your needs.
We work hard to ensure our relationships with HMRC, banks and other important legal and financial institutions are robust, which means you immediately benefit from the goodwill we have built with them.
We are proud to be members of the UK200Group of practising chartered accountants, which quality-checks our activities and gives you access, through us, to the best range of technical expertise available. We are also members of IAPA, an international association of accountants with offices across 170 countries, enabling us to help you should you need access to international expertise as companies enter a new global marketplace.
We love working with small businesses of all shapes and sizes. In addition our team have particular expertise in a range of specialist sectors, including charities, independent schools, agricultural and rural affairs, equestrian businesses and the construction industry.
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Figures released by HM Revenue & Customs (HMRC) show that the UK’s tax gap – the difference between tax owed and actual receipts – is continuing to fall.
The Revenue has revealed that the tax gap for the 2016-17 tax year was 5.7 per cent, down from six per cent in the previous year and 7.3 per cent in 2005-06. It says that, had the tax gap not fallen, a total of £71 billion less tax would have been collected last year.
The figures show that of the total tax that was unpaid, the largest proportion was from small businesses, with £13.7 billion not paid.
According to HMRC, taxpayer error was nearly twice as likely as criminality to be the culprit for missing tax, with errors costing the Revenue £9.2 billion in lost income, while criminality cost £5.4 billion.
Meanwhile, Income Tax, National Insurance and Capital Gains Tax had the biggest tax gap at £7.9 billion. The VAT gap, on the other hand, has fallen from 12.5 per cent in 2015-06 to 8.9 per cent in 2016-17.
Mel Stride, Financial Secretary to the Treasury, said: “These really positive figures show that the tax gap is the lowest in the last five years, which reflects the hard work that HMRC and I have been doing to ensure we support businesses to pay the right tax at the right time and clamp down on tax evasion and avoidance.
“Collecting taxes is essential for funding our vital public services such as the NHS – indeed, had the tax gap remained at its 2005/06 level the UK would have lost £71 billion in revenue destined for public services, enough to build 200 hospitals.”
Jon Thompson, Chief Executive of HMRC, added: “The UK is the only country in the world to regularly publish their tax gap in detail and at 5.7 per cent, it remains at its lowest for five years. I am pleased that the downward trend shows HMRC and HM Treasury’s continued hard work to tackle evasion and avoidance is working.
“HMRC is also working hard to help taxpayers get their tax right by offering support and investing in digital services to improve businesses’ record keeping and reduce errors.”
The Revenue is now touting the forthcoming launch of its flagship Making Tax Digital programme as the latest weapon in its arsenal as it looks to reduce the tax gap further.