Tax evasion costs the UK Government over £30 billion a year!

A little common sense might go a long way?

I finally had time to read the majority of the new Criminal Finance Act introduced Last year.

The entire act is very impressive and especially the subject of tax. Businesses must show more diligence when recruiting / employing staff by asking for UTR numbers.

• Tax evasion costs the UK Government over £30 billion a year!

A recent observation that blew me away with absolute respect, it is a foreign policy introduced quite recently, by our good neighbours Ireland. I witnessed this first-hand. The banking systems in Ireland will refuse to give a bank account to any person without a PPS number (UTR number equivalent), giving the authorities complete transparency of earnings and savings should the need ever arise.

Given we are still in the EU and Ireland have managed to appease the new GDPR regulations with the EU Parliament, it might be a worthy exercise if the Inland Revenue takes a peek at Ireland’s policy on this.

Quite remarkable and ingenious, the Office of the Revenue Commissioners have undoubtably got it right with a little common sense.

Implementing this in the UK would produce astonishing changes in the way the Revenue police, monitor and collect Her Majesty’s taxes.