"Although 94.4% of all taxes successfully collected by HMRC represents an achievement for the government, the fact that the most common reason for tax not being paid is simply down to people failing to take reasonable care likely illustrates a system in need of simplification. This therefore shows that the government is currently paying a premium of £6.4bn every year for its overly complex tax system. The achievement is also further eroded by the fact that the government posted the exact same tax gap of 5.6% in 2011 showing that over a number of years HMRC are still unable to plug some of the holes contributing to this issue.
"While celebrity tax avoidance schemes are typically high up the press agenda, these types of issues are actually one of the smallest contributors to the tax gap. These figures paint a picture of a public very happy to pay tax but are simply making avoidable errors due to the fact they can’t navigate what is a very complex system.
"New schemes such as Making Tax Digital should further help to streamline the process and make sure that people pay the tax they owe and avoid unintended errors. Making sure all members of society pay tax is an essential part of our system. Fixing the nations taxation system is going to be become increasingly important in the uncertain political landscape we now find ourselves in and in harder fiscal times harsher penalties are sometimes applied. For those worried that they are going to make mistakes when filing their tax returns, seeking professional financial advice can help alleviate the worry and make sure that you are paying exactly the amount you owe."