Building a successful business is one of the most satisfying things you can do. At Fawcetts Chartered Accountants in Salisbury, we’ve helped many small businesses to start out, develop and grow, working to add value every step of the way.
We’ll help you get your business started by giving you expert advice to strengthen your business plans, then provide the expert advice you need, when you need it, to free your time and energy so you can concentrate on building your business.
We can support you with day-to-day financial issues, with outsourced bookkeeping, payroll, VAT and management accounting services, and provide advice to help you maximise tax efficiency and stay compliant with HM Revenue & Customs.
We can also advise you on implementing accounting software and IT systems to help you produce accurate financial information in-house for reports and decision-making.
To keep your enterprise on the right path, we can advise you on business planning and strategy and support you with fundraising to fund expansion and growth. When the time is right, we can also incorporate your business and provide company secretarial services to reduce your in-house administration.
For more information on Fawcetts accountants’ services for small businesses in Salisbury, please contact us.
Request a callback
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.