The Chancellor has announced a tax avoidance crackdown and has vowed to “deliver economic stability” during her Spring Statement.
Speaking about the Autumn Budget she said under this government they have protected working people which was met by laughter and jeers from the Tories.
Rachel Reeves said, “I said our fiscal rules were non-negotiable, and I meant it.
“I will always deliver economic stability, and I will always put working people first – I said it at the election, I said it at the budget and I say it again today.”
The Chancellor will not raise income tax to help cracking down on fraud and said, “Today I go further, continuing our investments in cutting edge technology, investing in the HMRC capacity to crack down on tax avoidance and setting out plans to increase the number of tax fraudsters charged every year by 20%.”
The Chancellor claims that the tax avoidance crackdown will raise an extra £1 billion for the UK economy.
Tax insurance firm, Qdos, issued their reaction to us of the Spring Statement, which the specialist said indicates that the government’s crackdown on tax evasion is “gathering pace.”
Qdos CEO, Seb Maley, said, “The government’s crackdown on tax evasion is gathering pace. Assuming HMRC pursues the right people and businesses, this is no bad thing. But all too often, innocent freelancers, contractors and self-employed workers are hounded by the tax office – which can be a stressful, expensive ordeal for everyone involved. The key takeaway here is that HMRC is set to have more resources at its disposal and information at its fingertips. Being confident in your tax compliance is more important than ever.”
Research from the Qdos Annual Survey supports these statements, saying that 45% of self-employed workers citing tax and tax increases as the major concern for 2025.
Whilst, 38% are expected their earnings to fall as a direct result of the most recent Autumn Budget.
