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Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.
Friday, 22 February 2008
Every Cloud Has a Silver Lining
Although the humble British taxpayers are bowing under the weight and complexity of the ever burgeoning tax legislation that the government and HMRC are piling upon them, it is reassuring to know that at least one group of people are very happy for the ever growing complexity, confusion and bureaucracy of the Britsih tax system.
These happy people are those who provide tax advice, for a nice fat fee.
BDO Stoy Hayward, for example, saw their revenue growth by 10%, to £159.8M in the first half of the firm's financial year.
Jeremy Newman, BDO managing partner, said BDO's fastest growing business line was its tax advisory unit.
This growth has been helped in no small part by the government's plans to change capital gains and non-domiciled tax regimes, which needless to say has generated bucket loads more work.
"Our service to clients has been enhanced by the acquisition of the respected specialist tax advisory firm Chiltern, which accounted for 2 per cent or £3.16M of total revenue since we acquired the firm in mid-October 2007. This has enhanced our already excellent tax expertise and service proposition."
As the old saying goes:
"Every cloud has a silver lining".
Considering all the time, effort and money that is wasted by both the state and the taxpayers in trying to wade their way through and manage our absurdly complex tax rules and regulations wouldn't it be a good idea to simplify it all?
Yes it would.
Unfortunately Gordon Brown is not a "simple man".
Cheers to the tax advisers, who are on to a very nice little earner!
Tax does have to be taxing.
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