Friday 4 July 2014

Irony - SFO Fined by HMRC

The Serious Fraud Office has had to pay more than £4M to HMRC after wrongly reclaiming value added tax on fees paid to barristers and other contractors.
The FT states that the SFO had to pay HMRC a fine of £564,000, and make an underlying tax repayment of £3.8M plus interest.

Ironically the SFO had to request £19M in emergency funding from the Treasury in part to help cover the tax fine.

One government department paying another government department a fine, using taxpayers' money.

The net result to the taxpayer?

A loss, given that this has cost time, money and resources to resolve!

Tax does have to be taxing.

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1 comment:

  1. Ex Gov accountant4 July 2014 at 15:15

    I used to be an accounts assistant in a government agency. Part of my job was recoding the VAT allocation of invoices and payments. The rules and regs for it and what you can or can't claim back are very very complex and frankly stupid.

    Its very easy to muck up and very annoying to have to spend time on day after day!