After the Office for National Statistics published its report, ‘Measuring tax gaps‘, Adam Walkom was one of several wealth planners who expects changes to the UK tax system in the next few years.

Adam Walkom, Co-founder at Permanent Wealth Partners says the drop in the tax gap figures show HMRC is heading in the right direction.

“After all, we all have a legal duty to pay tax. If you don’t pay the tax you owe, you should go to jail. It’s that simple.”

Walkom also sees structuring your financial affairs in legal tax-efficient ways as something that not enough people take advantage of.

“We also have the opportunity to structure our financial affairs, in 100% legal ways, which minimises the legal amount of tax we have to pay. I am constantly amazed at the number of people who don’t do this. If Governments want us to pay more tax, they should change the law, not try to persuade us with a moral obligation,” said Walkom.

Read the article in full: www.freelanceinformer.com/hmrc/ons-reveals-35bn-in-missing-tax-payments