MA & CO Accountants

  1. The UK Tax Gap at a Glance 📉 The latest HMRC tax gap figures arrive in the report Measuring Tax Gaps 2023–24 . In fiscal 2023–24, the tax gap percentage fell slightly to 5.3 % – still a staggering £46.8 billion tax gap left uncollected by HM Revenue & Customs (HMRC) . Year Total UK tax due       Tax gap        Change vs prior year 2022–23 (revised)      £836 bn         5.6 %                   – 2023–24      £882 bn         5.3 %             ▼ 0.3 pp Supporting evidence: According to the National Audit Office (NAO) and HMRC annual report , much of the loss arises from error & carelessness rather than outright deliberate tax evasion . The behavioural tax factors breakdown: Cause of non‑payment Share of gap Example Failure to take care 31 % Missing a figure when filing a VAT return Car...

 By Majed Ali, Director of MA&CO Accountants As an accountant who's worked with medical professionals for over a decade, I've seen firsthand how the right financial structure can make a significant difference to a doctor's bottom line. Today, I want to share a success story that might resonate with many of you juggling NHS work alongside private practice or locum shifts. Meeting Dr. Emily 👩‍⚕️ Last year, a GP named Dr. Emily walked into our London office looking rather frustrated. Like many medical professionals, she was balancing multiple income streams – working part-time (3 days a week) at an NHS practice while spending her remaining time on various freelance medical work, including locum shifts, private consultations, and occasional medical writing. "I just received my tax bill," she told me, placing a letter on my desk with a figure that made even me wince. "I'm working harder than ever, but it feels like I'm giving most of it away. There mu...