Tag Archive | "HMRC power"

IT contractor accountant calls for clarity over new HMRC powers

Over the past year, HMRC gained more power and this had been a great cause of concern for contractor accountants and advisers. However, it would seem that these fears were unwarranted according to a report from the Chartered Institute of Taxation.

The Revenue was given increased power to inspect both businesses and individuals and a harsher penalty system was drawn up. Luckily these did not lead to any horror stories but the president of the CIoT, Andrew Hubbard, did point out that the new powers could be more effective.

He said that it was not clear how certain powers should be used in certain circumstances and he believes there needs to be more clarity concerning the interaction of formal and informal powers.

Hubbard added that taxpayers and advisers need a clear route map that shows how all these powers fit together.

The need for clarity is undoubtedly of paramount importance. Hubbard points out that some instances of deliberate tax evasion being treated in exactly the same manner as those made innocently.

The CIoT report also calls for HMRC staff to receive more specialist training and for there to be greater collaboration between the Revenue and other professional organisations.

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Image: Merry Chistmas(you are being watched of course) by atomicjeep

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