HMRC's recent boast in an advert in the Sunday Times, in which it states that more than 90 countries and jurisdictions that are set to commence the sharing of financial information on UK taxpayers, has been called into question by tax professionals.
Doubts have been raised over whether HMRC can readily handle, and make use of, the information garnered through the arrangements.
Nigel May, a senior tax partner at MHA MacIntyre Hudson, is quoted by AccoutancyAge:
"Campaigns like this are all well and good but questions remain over the ability of HMRC to use the information they gain from this high profile action.Time will tell as to whether HMRC's boasts reflect reality.
We have found that similar previous advertising tended to flush out taxpayers who had in fact fully complied and were just terrified by the inherent underlying threat.
And we also know of other instances of cases where there was undeclared tax due of under £100 which would undoubtedly have cost the revenue more in administration costs than the small sum they received."
Tax does have to be taxing.
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Dear Ken, and followers,
ReplyDeletefrom todays Money Mail p.35
MONEY MAIL WOODEN SPOON AWARDS 2015
Last paragraph of HMRC details quote 'A spokesperson for HMRC says 'Our service levels have not been good enough at busy periods this year, and improvements to our service have taken longer than we'd hoped. We have taken major steps to improve, including the recruitment of 3000 new staff into customer service roles.'
Now, besides the obvious query regarding the difference between recruitment and transfer of existing staff?
This is the 6th year in a row that HMRC has featured (should get an award for consistency?).
Vote by completing the form on the page or enter at thisismoney.co.uk/spoon.
C'mon Ken & Co., lets give them the award they so richly deserve, perhaps Ken has a few accountancy contacts who may wish to vote?