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Focus on collecting the real money – £11.4bn VAT!

Author: Henry Ejdelbaum

Tags: Accounts payable

With the political party season in full swing it is only normal for the politicians to provide the public with a sense of hope – whether it is short lived or not is another thing!

The latest government initiative which we have all been reading about in the media is their drive to employ over 2000 tax inspectors specifically to target the ‘wealthy tax dodgers’ , whose personal wealth accounts for over £2.5 million.

They believe this year alone their initiative can generate £2bn for the UK economy – but considering the amount of Tax that was uncollected in 09-10 reaching £35bn – the biggest shortfall being VAT at £11.4b n- VAT should be their main focus in the drive to lessen the amount of uncollected Tax. We know ‘attacking the wealthy’ is always a popular target for wide media coverage – but based solely on benefiting the British Economy £11.4bn in VAT is waiting to be collected!