TaxKings.co.uk

According to a survey by the Federation of Small Businesses, many companies are failing to grow because of complex tax rules. The findings also suggest that the amount a person is taxed is proving the hardest issue for companies and individuals to get to grips with.

John Wright, national chairman of the FSB, said: “As our survey findings show, three in four would grow their business if the tax system was simpler to understand.”

HMRC could be poised to name and shame tax dodgers from April 1 in new legislation that has just been brought into force.

HMRC will publish the names, addresses and details of the evasion of any individual or company that “dodges” tax payment.

Stephen Timms, Financial Secretary to the Treasury, said:

“It is only right that people pay their fair share of tax, which supports vital public services. We know that law-abiding taxpayers will want to see the results of HMRC’s investigations. We [HMRC] are only targeting deliberate tax evaders. So if you know that you have not paid the right tax, and you want to avoid being named, contact HMRC right away to set things straight.”