Readers split over HMRC’s mooted increased powers

Readers split over HMRC’s mooted increased powers

Schism over HMRC's increasing powers among Accountancy Age readers

THE PROPOSED increased range of powers set to be afforded to HM Revenue & Customs has left Accountancy Age readers split over whether they can be justified.

Of the 108 readers polled, marginally more – 51% – felt the significantly broader set of powers that have been proposed since the new year were justified, with the remaining 49% troubled by the developments.

The tax-man has been steadily building its arsenal since the new year. Avoidance schemes that bear similarities to others already blocked, will be forced to pay the disputed tax up front before the case is heard at tribunal, under plans due to come into force in November.

In the Budget, the chancellor then announced a consultation on proposals that would allow HMRC to directly access debtors’ bank accounts to deduct tax due – provided £5,000 is left across the accounts.

This month, George Osborne followed that up by releasing a document, No Safe Havens, outlining plans to introduce a new criminal offence carrying a possible prison sentence for people holding undeclared money offshore, even if they did not intend to evade taxes.

And this week HMRC was criticised over suggestions it could sell “anonymised” taxpayer data to third parties including private companies, researchers and public bodies.

Former Conservative minister David Davis told the Guardian the plans were “borderline insane”.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

Professional Services Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine

Accounting Firms Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021

Making Tax Digital Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource