Skip to content
CityAM
Main navigation
  • News
    • News
      • Latest Business News
      • Economics
      • Politics
      • Tech
      • Banking
      • FTSE 100 Live
      • Retail
      • Insurance
      • Legal
      • Property
      • Transport
      • Markets
    • From our partners
      • AON
      • Bayes Business School
      • Canada BIDs
      • Central London Alliance CIC
      • Destination City
      • Halkin
      • Olympia
      • Inside Saudi
      • Tottenham Hotspur Stadium
      • Santander X
      • YEAR SIX Dividend
    • Featured

      Ministers open door to phased Heathrow third runway plan

      Heathrow Airport terminal bustling with travelers and staff, showcasing modern architecture and international flight activity

      Submit a story

      Tell us your story.

      Submit
  • Opinion
  • Sport
    • Latest Sports News
      • Sport
      • Sport Business
    • From our partners
      • The Morning Briefing: SBS x CityAM
      • Aramco Team Series
      • LIV Golf
    • Featured

      Concern as gambling black market set for £40m Royal Ascot boost

      GettyImages 2282074836 showing a significant event with key figures in a professional setting, highlighting a major develo...

      Submit a story

      Tell us your story.

      Submit
  • Life&Style
    • Life&Style
      • Life&Style
      • Toast the City Awards
      • The Magazine
      • Travel
      • Culture
      • Motoring
      • Wellness
      • The RED BULLETiN
      • Do it with Shared Ownership
      • Media Speak Hub
    • Featured

      Mexican Michelin stars arrive in the Square Mile at Ned pop-up

      The Ned Los Felix Mexican restaurant interior with vibrant decor and patrons enjoying authentic Mexican cuisine

      Submit a story

      Tell us your story.

      Submit
  • Investec
  • Events
  • Latest Paper
Monday 27 June 2022 9:34 am  |  Updated:  Monday 27 June 2022 9:51 am

HMRC: Big UK firms owe £2.7bn in unpaid VAT

By: Jack Mendel

Add as a preferred source on Google
Business support changing the tax year end date
HMRC

HMRC is missing out on a total of £2.7bn in underpaid VAT, a new study has revealed.

HMRC suspects 208 of the UK’s 2,000 largest businesses have underpaid VAT by an average of £13.4m each, according to fresh analysis by Thomson Reuters.

The study said that the £13.4m figure relates to “tax under consideration”, which is an estimate of the amount of VAT HMRC believes has gone unpaid, prior to full tax investigations being completed.

The study warned that businesses should expect HMRC to increase the number of tax investigations after the authority received an additional £292m to tackle underpayment of tax in last year’s autumn budget.

“The government has beefed up HMRC’s tax compliance capabilities and will be expecting results. Large corporates, which HMRC views as underpaying VAT, are likely to be a high priority target for investigation,” Jas Sandhu Dade, head of corporates Europe at Thomson Reuters, said.

Read more

HMRC secures £190m VAT appeal win against Bolt

Electric Bolt car parked in urban setting, showcasing sleek design and eco-friendly transportation for modern city living.

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • News

Categories

  • CityAM Content
  • Business
  • Money

Related Topics

  • HM Revenue & Customs (HMRC)

Trending Articles

  • More Big Four blues as Deloitte plans to slash UK audit roles

  • Rathbones to suspend thousands of client account inflows after FCA probe deals £530m blow

  • As it happened: Stocks sink after Fed and Bank of England opt for hawkish hold; Oil price tumbles

  • Rolls-Royce shares surge as SMR unit bags multi-billion pound Swedish nuclear contract

  • Baillie Gifford in line for Anthropic windfall just months after £3.6bn SpaceX bonanza

More from CityAM

  • HMRC secures £190m VAT appeal win against Bolt

    Tax
    Electric Bolt car parked in urban setting, showcasing sleek design and eco-friendly transportation for modern city living.
  • HMRC fights to close Bolt’s VAT loophole

    Legal
    Electric Bolt car parked in urban setting, showcasing sleek design and eco-friendly transportation for modern city living.
  • Quantexa chief says £175m HMRC deal will ‘protect taxpayers’ money’

    Tax
    Inheritance tax receipts are on track for a record breaking year
  • Tax judge criticises ‘fabricated AI cases’ cited in appeal against HMRC

    Legal
    The Royal Courts of Justice building with its gothic architecture and iconic facade in London on a bright day
  • Energy giant clashes with HMRC at UK’s highest court over £28m penalty

    Legal
    UK energy power lines spanning a rural landscape, highlighting infrastructure and sustainability efforts in the energy sec...
  • HMRC handed red card in £584,000 football referee tax lawsuit

    Legal
    English football referees’ v HMRC: Top UK court dismisses £584,000 tax appeal
  • LLPs remain under watchful eye – especially from the taxman

    Legal
    Tax documents and calculator on a desk, symbolizing financial planning and tax preparation for businesses and individuals.
  • HMRC: self-employed workers twice as likely to file taxes late

    Tax
    HMRC overcharged pensioners thousands

CityAM Canada — business, markets and opinion for Canadian readers.

Sections

  • Business
  • Markets
  • Tech
  • AI
  • Economics
  • Opinion
  • Cities

Company

  • About
  • Contact

Legal

  • Terms of Use
  • Privacy Policy
  • Cookie Policy
© 2026 CityAM Canada. All rights reserved.
Terms · Privacy · Cookies