Good news on tackling tax evasion

Inspiration Healthcare Group seek to add value in healthcare by improving patient outcomes, particularly specialising in innovative neonatal equipment. It was a pleasure to open the company’s new Manor Royal office and learn more about their work exporting internationally and supplying the NHS.

I also welcomed 4D Data Centres to Crawley, a UK-based business providing clients with co-location, cloud and connectivity solutions, especially catering for small and medium sized enterprises.

Both companies are an example of the significant economic growth we’re seeing across the country and in turn exemplifies the progress which continues to allow greater investment in public services such as health and education.

HM Revenue & Customs confirmed last October that the UK’s tax gap, the difference between the amount of tax due and the amount collected, has fallen to 6.5 per cent, compared to the figure in 2005-06 of 8.3 per cent.

There have been reports of a few global corporations who’ve infamously sought not to pay their share. However, progress continues to be made in this regard.

I appreciate that a difference of less than two percentage points may not seem like much, but if the tax gap had stayed at the level of a decade ago, it would have grown to £47 billion and the country would have been £11 billion a year poorer.

The Chancellor of the Exchequer recently confirmed that since 2010, £140 billion in additional tax revenue has been secured by taking action to tackle evasion, and non-compliance.

We should celebrate new and growing businesses that create employment, UK exports and responsibly raise revenue for our nation’s public services.